CSP Alpha’s acquisition of Philippines’ StarTek gets approval
CSP Alpha Holdings, a Singapore-based private equity fund manager, is pushing through with its acquisition of shares in business process outsourcing (BPO) firm StarTek Inc, after the Philippine Competition Commission (PCC) approved the proposed acquisition. This will make CSP Holdings, the parent of CSP Alpha Holdings, the majority owner of the customer engagement BPO firm. StarTek, through its affiliate StarTek International, wholly owns StarTek Philippines which has offices in the cities of Pasay and Pasig. In a statement, the PCC said it approved the transaction as there were no reasons found that the deal would result in a substantial lessening of competition in the relevant markets. CSP Alpha Holdings seeks to acquire 20.6 million shares of common stock of StarTek in exchange for all common stock of CSP Alpha Midco. StarTek will also issue additional shares of StarTek common stock to CSP Holdings in exchange for a USD10 million payment subject to adjustment.
