Convergys Announces Early Termination of Hart-Scott-Rodino Waiting Period for Acquisition of Stream

  Convergys Announces Early Termination of Hart-Scott-Rodino Waiting Period
  for Acquisition of Stream

Business Wire

CINCINNATI -- January 24, 2014

Convergys Corporation (“Convergys”) (NYSE: CVG) today announced that it has
received notice of the early termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act, in connection with its proposed
acquisition of SGS Holdings, Inc. (“Stream”), the holding company of Stream
Global Services, Inc.. The waiting period was scheduled to expire on February
10, 2014.

As announced on January 6, Convergys and Stream entered into a definitive
merger agreement under which Convergys will acquire Stream for a total
enterprise value of $820 million in cash, subject to certain adjustments, from
funds managed by Ares Management and Providence Equity Partners, as well as
from LiveIt, the Business Process Outsourcing investment arm of Ayala Corp.
The termination of the waiting period, which is effective as of January 22,
satisfies one of the conditions to closing the transaction. Subject to the
satisfaction of other customary conditions, the transaction is expected to
close in the first quarter of 2014.

By adding Stream’s complementary client base, geographic footprint and service
capabilities, Convergys expects the acquisition to expand and strengthen its
US and global presence in the $55 billion outsourced customer management
services industry. When combined, total company revenue is expected to exceed
$3 billion, creating the second largest customer management services provider
in the world.

About Stream

Stream is a leading global business process outsource (BPO) service provider
specializing in customer relationship management, including technical support,
customer care and sales, for Fortune 1000 companies. Stream is a trusted
partner to some of the world’s leading technology, computing,
telecommunications, retail, entertainment/media, and financial services
companies. Stream’s service programs are delivered through a set of
standardized best practices and sophisticated technologies by a highly skilled
multilingual workforce of over 40,000 employees capable of supporting over 35
languages across approximately 56 service centers in 22 countries. Stream
strives to expand its global presence and service offerings to increase
revenue, improve operational efficiencies and drive brand loyalty for its
clients. For more information, visit www.stream.com.

(Stream and the Stream logo are registered trademarks of Stream Global
Services, Inc.)

About Convergys

As a leader in customer management for over 30 years, Convergys is uniquely
focused on helping companies find new ways to enhance the value of their
customer relationships and deliver consistent customer experiences across all
channels and geographies. Every day, over 80,000 employees help our clients
balance the demands of increasing revenue, improving customer satisfaction,
and reducing overall cost using an optimal mix of agent, technology, and
analytics solutions. Our actionable insight stems from handling billions of
customer interactions annually for our clients. Visit www.convergys.com to
learn more.

(Convergys and the Convergys logo are registered trademarks of Convergys
Corporation.)

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http://www.convergys.com/news_email.html.

Forward-Looking Statements

This press release contains forward-looking statements concerning the expected
timing, completion and effects of the proposed transaction and all other
statements in this release, other than historical facts, constitute
“forward-looking statements” as defined under U.S. federal securities laws. In
some cases, one can identify forward-looking statements by terminology such as
“will,” “expect,” “estimate,” “think,” “forecast,” “guidance, “outlook,”
“plan,” “lead,” “project” or other comparable terminology. Forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from our historical experience and our
present expectations or projections. These risks include, but are not limited
to: (i) the ability of the parties to satisfy the conditions precedent and
consummate the proposed transaction; (ii) the timing of consummation of the
proposed transaction; (iii) the ability of the parties to secure regulatory
approvals in a timely manner or on the terms desired or anticipated; (iv) the
ability of Convergys to integrate the acquired operations, implement the
anticipated business plans of the combined company following closing and
achieve anticipated benefits and cost savings; (v) risks related to disruption
of management’s attention from ongoing business operations due to the pending
transaction; (vi) the effect of the announcement of the proposed transaction
on either party’s relationships with its respective customers, vendors,
lenders, operating results and businesses generally; and (vii) those factors
contained in our periodic reports filed with the SEC, including in the “Risk
Factors” section of our most recent Annual Report on Form 10-K and Quarterly
Report on Form 10-Q. The forward-looking information in this document is given
as of the date of the particular statement and we assume no duty to update
this information. Our filings and other important information are also
available on the investor relations page of our web site at www.convergys.com.

Contact:

Convergys
David Stein, Investor Relations, +1 513-723-7768
investor@convergys.com
or
Krista Boyle, Public/Media Relations, +1 513-723-2061
krista.boyle@convergys.com
 
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