Sykes, one of Tampa's largest companies, sold to Miami's Sitel Group in all cash deal
TAMPA — Sykes Enterprises has been sold in an all-cash deal valued at about $2.2 billion to the Sitel Group.
Sitel will buy Sykes through a subsidiary at a purchase price of $54 per share, according to a statement issued Friday morning. The price, according to the statement posted on Sykes investor relations page, “represents a premium of 31.2%” over Sykes’ share price at the close of business June 17, 2021 and 29.1% over the 30-day “volume-weighted average price” of the stock.
The sale still needs approval of shareholders and is expected to close later this year.
The Tampa company handles business process outsourcing, customer service and technical support outsourcing and IT consulting to mostly Global 2000 companies.
It is one of the largest companies in Tampa Bay, employing 61,000 people worldwide and with $1.7 billion in revenue in 2020.
Laurent Uberti, president and chief executive officer of the Sitel Group, says in the statement that buying Sykes makes sense because it makes for a stronger company with a larger reach.
He pointed to Sykes’ digital, social media and robotic process automation products as particularly attractive tools.
Miami-based Sitel sells customer experience products and solutions. According to its website, it has more than 100,000 employees in 29 countries and $2.1 billion in revenue in 2020.
“By combining the two companies, our expanded geographic footprint, multi-shore solutions and greater capacity to serve customers will make us better equipped to help our customers navigate the rapid changes within the sector together,” he says in the statement.
There was no information immediately available on whether there would be job cuts or the status of Sykes’ leadership. The company's shares (symbol: SYKE) were up to $53.51, almost 30%, at 10 a.m. Friday, June 18.