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Tampa’s Sykes Enterprises sells in $2.2B all-cash deal

Veronica Brezina

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The Sykes tower at 400 N. Ashley Drive. GoogleMaps.

Tampa-based Sykes Enterprises has completed a $2.2 billion all-cash sale to the Sitel Group–making Sykes a privately-held company.

Sykes Enterprises (NASDAQ: SYKE), a leading full life cycle provider of global customer experience management services, was one of Tampa Bay’s largest publicly traded companies.

‘This highly complementary combination creates a leading global CX (customer experience) player with a wide breadth and depth of services, strong client relationships and considerable opportunities for employees worldwide,” Sykes’ Friday announcement read.  

The St. Pete Catalyst previously reported the anticipated close of the acquisition from the Miami-based group would take place close to the second half of the year.

The acquisition is $54 per share, representing a premium of 31.2% over SYKES’ closing price in June, valuing the deal at approximately $2.2 billion on a fully diluted basis.

Sykes shareholders approved the acquisition in a special meeting on Tuesday. Effective today, Sykes has become a privately-held company and its shares will cease trading on the Nasdaq Stock Market, according to the release.

Sykes President and CEO Chuck Sykes previously called the deal “a major milestone in our 40-plus year operating history.” He added, “In Sitel Group, I am confident that we have a valuable partner with a solid heritage of deep industry knowledge and experience, solid industry reputation, a shared vision and a people-first culture to better serve customers.”

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