Sykes Enterprises Soars on Deal to Be Bought by Sitel Group

Sykes Enterprises (SYKE) shares soared Friday after the company announced that fellow customer experience company Sitel Group is acquiring it and taking it private in a $2.2-billion cash deal.

Sykes recently traded at $53.48, up 29.90%, on Friday morning.

Following the proposed transaction, the combined company will employ 155,00 workers in 39 countries, serving more than 600 clients. The companies expect combined revenue of more than $4 billion this year.

“By joining forces with such a healthy, profitable and financially solid U.S. brand that also has a stellar reputation, we will further enhance our global reach," said Laurent Uberti, chief executive of Sitel Group, in a statement.

The transaction is expected to be completed in the second half of 2021. Upon the closing of the deal, Sykes will cease trading on Nasdaq.