Global BPO Services Completes its $200 Million Acquisition of Stream Holdings Corporation, Renames Self "Stream Global Services, Inc"

Global BPO Services Corp. (AMEX:OOO) announced on July 29th, 2008 that its stockholders approved GBPO’s proposed $200 million acquisition of Stream Holdings Corporation, a provider of global customer relationship management and other business process outsourcing services to Fortune 100 companies, at an annual stockholders meeting held in New York City.

The transaction subsequently closed on July 31, 2008.

In a twist, the SPAC will privately issue 150,000 shares of Series A Convertible Preferred Stock to Ares Corporate Opportunity Fund for $150 million, immediately following the closing of the merger. GBPO expects to use the proceeds from the private placement to commence a tender offer for the purchase of its common stock following the closing of the merger at a price of $8.00 per share. Following the vote, the tender offer was increased to 20,757,046 shares at $8.00 per share.

Click here for the approval announcement
Click here for the amended agreement with Ares
Ares Corporate Opportunity Fund