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Essar Group has announced the sale of its BPO company Aegis Ltd for an estimated $275 to 300 million to Singapore based private equity fund manager Capital Square Partners.
According to a company statement, “AGC Holdings Ltd (AGC) Mauritius, a wholly owned portfolio company of Essar Global Ltd, has entered into a definitive agreement with Capital Square Partners (CSP) to sell 100 percent of its stake.”
The company, though, did not provided the value of the deal, sources said the sale could be in the range of $275 to 300 million.
It said that “Net proceeds of this sale will be used to retire Essar’s debt,” and added that the transaction is likely to close by June 2017 subject to regulatory approvals and other customary closing conditions.
