Sykes to be taken private by Sitel Group in $2.2 billion deal
(Reuters) – IT services company Sykes Enterprises Inc said on Friday it will be taken private by Sitel Group in a deal valued at about $2.2 billion on a fully diluted basis.
Accenture Agrees To Acquire Paris-based Exton Consulting – Quick Facts
Accenture (ACN) announced that it has entered into an agreement to acquire Exton Consulting for undisclosed financial terms.
Paris-based Exton Consulting, which was founded in 2006, provides strategy and business management support to financial services clients across Europe.
Exton Consulting’s team of approximately 150 professionals would join Accenture’s Financial Services industry group and strengthen ability to offer end-to-end solutions to a broader range of financial services companies, covering all aspects of their transformation projects including strategy, design, technology, and operations.
Accenture noted that this acquisition requires prior consultation with the relevant works councils and is subject to customary closing conditions.
Oil Extends Losses On Dollar Strength
Oil extended losses to drift below $71 a barrel on Friday, with demand worries and renewed concerns over the return of Iranian barrels weighing on the commodity.
Also, the Federal Reserve’s plan for future interest-rate hikes propelled the dollar higher and provided an excuse to take profit.
Benchmark West Texas Intermediate futures dropped half a percent to $70.72 a barrel, after having lost 1.5 percent on Thursday – the biggest drop in four weeks.
Brent crude futures for August settlement were down 0.7 percent at $72.55 per barrel.
A stronger dollar weighed broadly across commodities after the Federal Reserve signaled that rates will rise sooner and faster.
With the upside risks to inflation starting to pick up, Fed officials signaled they expect two increases by the end of 2023.
Meanwhile, demand worries resurfaced after new coronavirus cases jumped in Britain.
Public Health England data showed today that there had been 33,630 new cases of the Delta variant first identified in India in the week to June 16, taking the number of confirmed cases to 75,953, a 79 percent increase on the previous total.
Earlier this week, Prime Minister Boris Johnson delayed his plans to lift most remaining COVID-19 restrictions by a month.
Investors are also tracking the situation in Iran as voters go to the polls in a presidential election to pick a replacement for Hassan Rouhani.
Gold Rebounds But Set For Weekly Loss
Gold prices rose more than 1 percent on Friday as the dollar rally paused and benchmark Treasury yields slid below 1.5 percent to reach levels seen going into the Fed meeting earlier in the week.
Spot gold climbed 1.1 percent to $1,792.55 per ounce, but was down more than 4 percent for the week, putting it on course for its worst week in nearly nine months. U.S. gold futures were up a little over 1 percent at $1,793.25.
Gold prices are moving higher on short covering after the recent sell-off. Any uptick in gold is expected to be temporary, thanks to the Federal Reserve’s hawkish economic forecasts.
With the upside risks to inflation starting to pick up, Fed officials signaled on Wednesday that they expect two increases by the end of 2023.
After an impressive rally overnight, the dollar remains on course for its best week in nearly nine months.
Colorado guides say they can’t get enough permits on federal land
“It is arguably absurd”
“I am deeply disappointed”
Lara Trump Urges Border Residents To ‘Get Guns And Be Ready’ For Migrants
Fox News contributor Lara Trump urged border residents to arm themselves and be ready to act against migrants trying to reach the United States.
“I don’t know what you tell the people that live at the southern border,” former President Donald Trump’s daughter-in-law said on Saturday night, then added:
“I guess they better arm up and get guns and be ready, and maybe they’re going to have to start taking matters into their own hands.”
Trump’s comments came less than two years after a man who allegedly posted a white nationalist manifesto opened fire on shoppers in an El Paso Walmart, killing 23 and wounding about as many. Police said Patrick Crusius admitted to being the shooter and said he was targeting Latinos.
Trump, who is married to Eric Trump, said “these people” ― meaning the migrants ― shouldn’t have started their journey in the first place.
“It’s bad for Americans, it’s bad for the migrants,” she said. “It is bad all around.”
The comments caused her name to trend on Twitter:
Sykes Enterprises Agrees To Go Private In $2.2 Bln All-Cash Deal With Sitel
Sykes Enterprises, Inc. (SYKE), a full life cycle provider of customer experience management services, Friday said it has agreed to be acquired by Sitel Group at a purchase price of $54 per share in a deal valued at around $2.2 billion on a fully diluted basis.
In pre-market activity on Nasdaq, Sykes shares were gaining around 30 percent to trade at $53.52.
Sitel Group, a provider of customer experience or CX products and solutions, will make the acquisition through a wholly owned subsidiary.
The purchase price represents a premium of 31.2% over SYKES’ closing price on June 17, and a premium of 29.1% over the 30-day volume-weighted average price of SYKES’ common stock.
The transaction was unanimously approved by both companies’ Boards of Directors.
The proposed transaction is not subject to a financing condition, is expected to be completed in the second half of 2021 and is subject to the approval of SYKES’ shareholders and customary closing conditions.
Upon the closing of the transaction, SYKES will become a privately-held company and its shares will cease trading on Nasdaq.