SYNNEX to buy Convergys for $2.8 bn

SYNNEX Corporation, a business process services company, is set to buy Convergys in  cash and stock valued at $2.8 billion, including $170 million debt.
Synnex BPOSYNNEX will combine Convergys with SYNNEX’s CRM BPO subsidiary, Concentrix, creating a premier global customer engagement services company.

Convergys CEO Andrea Ayers said: “Convergys employees will gain career opportunities as part of a larger organization.”

Centerview Partners is acting as financial advisor to Convergys, and Wachtell, Lipton, Rosen & Katz is legal counsel.

SYNNEX reported revenue of $4.973 billion (+26.3 percent) in Q2 fiscal 2018. SYNNEX generated Technology Solutions revenue of $4.5 billion (+30 percent) and Concentrix revenue of $491 million (+2 percent) in Q2 fiscal 2018. SYNNEX is targeting Q3 revenue of $4.8-$5 billion with net income of $77.9-$81.6 million.

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