Providence and Ayala buy Philippines BPO firm

Financial sponsor Providence Equity Partners teams up with Philippines conglomerate Ayala to acquire outsourcing firm eTelecare for $290 million.

Manila-headquartered Ayala Corp and private equity firm Providence Equity Partners will acquire all the equity of eTelecare Global Solutions at an equity value of $290 million. eTelecare is a business process outsourcing firm in the voice and non-voice based segments.

Ayala and Providence will launch a tender offer in the Philippines and the United States to acquire all of eTelecare's common shares as well as its American depositary shares at a price of $9.00 per share in cash. The offer...

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