Startek Announces Divestment Of Contact Center Company

(RTTNews) - Startek, Inc. (SRT) announced that ESM Holdings, a subsidiary of the company, has entered into a definitive share purchase agreement with Arabian Internet and Communications Services Company (Solutions) to divest its stake in Contact Center Company to Solutions. The deal values the Startek stake at $61.2 million. Contact Center Company was established in 2011 as a joint venture between Startek and Saudi Telecom Company. It is a premier provider of CX solutions to enterprises in the Kingdom of Saudi Arabia. Startek owns 51 percent ownership interest in CCC with the remaining 49 percent ownership interest held by STC.

Startek will utilize the net proceeds to pay down amounts outstanding under its secured revolving credit facility and senior term loan facility agreement.

Bharat Rao, CEO, Startek, said: "The divestment of CCC will support the Startek business as we deleverage the balance sheet and prioritize growing our core business."