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News : Ayala Corp Will Gain From Sale of Stake in Stream Global Services
MANILA, Jan 6, 2014 -- Philippine conglomerate Ayala Corp. (AC.PH) said it expects to realize a net gain from its unit LiveIt's sale of a 29% stake in contact center, Stream Global Services Inc.
LiveIt, along with its private-equity partners Ares Management and Providence Equity Partners, agreed to sell 100% of Stream to Convergys Corp.
After the sale of its Stream stake, LiveIt will be left with interests in business-process outsourcing firms Integreon, Affinity Express and HRMail.
LiveIt Chief Executive Fred Ayala said the global information technology and BPO industry would continue to expand, particularly in the Philippines, where it will remain a major job creator. "We are continuing to build our investee companies in the high growth segments of the industry, and starting to invest in the education space, which we see as a critical enabler of the IT-BPO industry," he said in a statement.
Posted by Veronica Silva Cusi, news correspondent
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LiveIt Investments Ltd. is the holding company for Ayala Corporation's investments in business process outsourcing (BPO) sector.
Published: Friday, January 10, 2014