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Commission Decision No. 19-M-018/2018 Acquisition by CSP Alpha Holdings Pte. Ltd. of Shares in StarTek Inc.
Commission Decision No. 19-M-018/2018
Acquisition by CSP Alpha Holdings Pte. Ltd. of Shares in StarTek Inc.
ABSTRACT:
CSP Alpha Holdings Parent Pte. Ltd. (CSP Holdings) or its designee intends to acquire 20,600,000 shares of common stock of StarTek Inc. (StarTek), subject to adjustment, in exchange for all common stocks of CSP Alpha Midco Pte. Ltd. (CSP Midco).
Concurrently, StarTek will issue additional shares of StarTek common stock to CSP Holdings in exchange for $10,000,000, subject to adjustment. Upon consummation of the transactions, CSP Holdings is expected to become the majority owner of StarTek.
StarTek is a customer engagement business process outsourcing company (BPO). StarTek International Limited, an affiliate of StarTek, wholly owns StarTek Philippines Inc. that holds office in the cities of Pasay and Pasig.
PCC approves the transaction as no substantial lessening of competition has been found in the relevant markets. It was also noted that the transaction contemplates entry of a new player in the Philippine BPO market and sufficient competitive constraints remain from other players in the BPO industry after the transaction.