SYDNEY, AUSTRALIA: Salmat Limited has entered into an agreement to sell the Micro Sourcing (Managed Services) business for $100 million to Probe BPO Holdings Pty Ltd.
This transaction will take place by way of a share sale. The sale is subject to, among other things, shareholder approval and Philippines regulatory approval.
A Notice of Meeting and Explanatory Memorandum regarding the proposed sale will be distributed to Salmat shareholders in mid-January.
Under the terms of the agreement and subject to all required approvals and other conditions precedent, sale completion is expected to take place by the end of February 2020. Following successful completion of the sale of the Marketing Solutions and Micro Sourcing businesses, Salmat Limited will review all options available to the Company to return value to shareholders.
“We have fielded a number of enquiries and had significant interest in the Micro Sourcing operation for some time now,” said Salmat CEO, Rebecca Lowde.
“Micro Sourcing has been a strong performer for Salmat since we acquired the first 50% of the business in December 2013, achieving revenue and earnings growth year on year.
“We believe that this proposal represents the best option for all stakeholders. New capital partners should enable Micro Sourcing to invest in additional growth and the completion of this transaction will return funds to Salmat,” said Ms Lowde.
Probe BPO Holdings is part of the Probe Group, which provides outsourced sales, service and helpdesk contact centres.