*Aegis Ltd* has acquired the customer service center of US-based education finance service provider *Sallie Mae Inc* in Killeen, Texas *saving 350 jobs there as Sallie Mae undergoes restructuring.*
Aegis has signed the agreement for the acquisition which will come into effect from June 4 2010. Aegis will gain from Sallie Mae's expertise in quality and performance improvement and integrate the Killeen center into its global delivery platform. Under the agreement, nearly 350 employees of Sallie Mae will be transferred to Aegis' global delivery platform, consisting of around 40,000 professionals located in 43 locations worldwide. Transaction Note *Essar Group* had acquired Aegis BPO for Rs 130 Cr in Nov'03, when it was a loss making company. Now, the company serves 135 clients through its 38 delivery locations across the world. Aegis has acquired 14 companies in last 4 years. A few days ago, the company was in talks to acquire 59.13% in *Avaya GlobalConnect (AGC) Networks* from *Avaya Inc*. Aegis was planning a $150 Mn IPO in May which was postponed as it was planning to acquire three companies. Of these, two were international and one domestic *(Guess this is one of the international acquisitions)* It may use debt to finance the acquisitions and use the IPO proceeds to pay off the debt. Aegis has lead an acquisition based growth strategy. Aegis has earlier mentioned that it will make 4 acquisitions every year. Sallie Mae Inc is a listed company in the USA. The company provides federal and private student loans for undergraduate and graduate students and their parents. It manages $182 billion in education loans and serves 10 million student and parent customers. The company it's cutting 2,500 workers because of changes made to the federal student loan program as part of the health care reform signed by President Barack Obama in March. The law strips the middleman role in student lending away from banks. It's expected to save at least $60 Bn in fees that went to banks to process government-backed student loans. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
