Business process outsourcing (BPO) firm Aegis has been acquired by Capital Square Partners, a Singapore-based private equity firm, for USD300m. The acquisition comes as Aegis’s parent, Essar Group, has come under pressure from Indian lenders to repay debt. Uday Gujadhur, a senior executive of Essar, said the completion of the transaction is another validation of Essar Global Fund’s commitment to reduce its leverage by monetizing the non-core businesses in its portfolio. Aegis has employed more than 40,000 people in a dozen countries around the world. Capital Square Partners is not new to outsourcing. Over the past decade, the PE firm has made several investments in the technology services and BPO sectors.
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