Bain Capital will acquire Citigroup Inc.’s controlling stake in Japan’s leading call center operator, BellSystem24. The offer is valued at roughly $US 1.1 billion.
Under the terms of the tender offer, Citigroup Capital Partners Japan, a subsidiary of Citi, will receive cash consideration for its 93.5% stake in Bellsystem24. The offer is expected to be settled on December 30, 2009.
Bain Capital has received committed financing for the transaction from several Japanese banks, including Sumitomo Mitsui Banking Corp., The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mizuho Corporate Bank.
“Bellsystem24 is the industry leader in the Japanese call center market. We believe there is a significant opportunity to grow the business as companies continue to look for ways to not only lower costs, but also benefit from greater efficiency and flexibility by outsourcing their call center operations,” said Yuji Sugimoto, a managing director at Bain Capital, in a statement.
Bain Capital established offices in Tokyo in 2006, and has a team of 20 investment and operations professionals in Japan pursuing investment opportunities and working with its portfolio companies.
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