Aditya Birla Group to acquire Minacs Worldwide
Our Corporate Bureau
24 June 2006
The open offer for acquisition will be made through TransWorks, a leading Indian BPO provider and a wholly owned subsidiary of Aditya Birla Nuvo Limited. The total expected cost of the acquisition will be approximately $125 million including payment for all common shares, and in-the-money option and warrant securities of the company. The combined business will have a revenue base of approximately $300 million.
Minacs provides customised BPO solutions focused on three core areas — contact centre solutions, integrated marketing services and back office administration. With approximately 6,000 employees from locations in Canada, the US and Europe, Minacs has established itself with clients in the automotive, financial services, telecom, technology, and government sectors.
"The acquisition demonstrates our commitment to emerge as a leading global BPO services provider and expand our global footprint," said Kumar Mangalam Birla, chairman of the Aditya Birla Group. "The integrated expertise of both companies will create and provide more powerful and compelling BPO solutions to clients. The result will be a firm with distinctive industry knowledge and execution capability delivered through a unique 'same-shore, near-shore, offshore' global delivery platform. The objective will be to reliably deliver outstanding BPO services to global clients from anywhere in the world."
Norman Betts, chairman of the board of directors, Minacs, said, "I am very pleased that we have been able to find a great new partner in TransWorks, for our customers and for our shareholders. I am proud of this agreement and the future it secures."
Founded in 1999, TransWorks is one of India's leading BPO companies. A wholly-owned subsidiary of the Aditya Birla Nuvo, TransWorks currently employs over 4,200 employees across facilities in India and Canada and delivers outsourced solutions to Global 1000 financial services, technology, retail and e-services companies.
"This transaction brings together two premium providers of BPO services," says Sanjeev Aga, managing director, Aditya Birla Nuvo. "Together they will create a world-class BPO leader in both the onshore and offshore sectors. Importantly, even as the transaction offers many longer-term opportunities to deliver enhanced services to existing and new clients the top priority in the near-term will be to ensure consistent and reliable services to existing clients."
