One Equity Pays $470M for APAC Customer Services

One Equity Partners, a private investment arm of JPMorgan Chase & Co., is paying $470 million to buy customer care and business process outsourcing services provider APAC Customer Services Inc., Reuters reported. One Equity, which manages more than $10.5 billion, plans to combine APAC with outsourcing services provider and One Equity portfolio company NCO Group, Reuters wrote.

(Reuters) – APAC Customer Services Inc. agreed to be bought by One Equity Partners, a private investment arm of JPMorgan Chase & Co, for about $470 million in cash, a month after a Citigroup Inc acquired an IT services company.

On June 10, Citigroup’s venture capital arm bought information technology service provider Ness Technologies Inc for about $307 million.

One Equity Partners will pay $8.55 per share to APAC stockholders, representing a premium of about 57 percent to APAC’s closing share price on Wednesday.

APAC provides customer care and business process outsourcing services.

One Equity, which manages more than $10.5 billion for JPMorgan, seeks to combine APAC with outsourcing services provider NCO Group Inc, where the fund manager owns a majority stake.

APAC Chairman Theodore Schwartz, who owns 39 percent stake in the company, has agreed to vote in favor of the deal, which is expected to close in the fourth quarter.

Credit Suisse Securities served as financial adviser to APAC.

APAC shares, which closed at $5.44 on Wednesday on Nasdaq, jumped 56 percent to $8.46 in trading before the bell on Thursday.

(Reporting by Supantha Mukherjee in Bangalore; Editing by Gopakumar Warrier)