The Philippine Competition Commission (PCC) has approved SYNNEX Corp’s acquisition of Convergys Corp. SYNNEX, which owns Concentrix, informed PCC that it was buying 100 percent of Convergys’ outstanding voting shares for about US$2.4 billion. The move will create the world’s second biggest customer engagement services company. The deal is expected to generate US$150 million in savings over a 3-year period post merger, with an expected target of US$50 million in the first year. Chris Caldwell, executive vice president and president of Concentrix, had earlier said the deal will provide a strong opportunity ahead to drive year on year growth, utilizing an incredible talent pool while leveraging a more robust geographic footprint. Concentrix and Convergys are two of the country’s biggest outsourcing customer care service providers. Moreover, despite the merger, PCC said many other competitors remain in the customer care market.
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