Bain Capital is acquiring the call center unit of European telecommunications company Telefónica for 1 billion euros ($1.3 billion). Atento is the name of their call center business. This is Bain’s second major deal this week. Bain Capital acquired hand and power tools company Apex Tool Group for $1.6 billion.
The deal for Telefónica?s call center division is happening at a time that the telecommunications company cancelled a proposed listing for that unit last year. Telefónica has been wanting to raise cash since they have a debt burden of around $75 billion.
They are also planning to raise cash through the IPO of their Germany subsidiary and expects to list that unit by the end of the year. Telefónica will provide 110 million euros of financing to help Bain acquire the company. Telefónica signed a 9-year agreement to use Atento’s service.
?This transaction is part of the policy of proactive management of the portfolio of assets of the company and the initiatives to increase Telefónica?s financial flexibility,? stated the company. This deal is expected to close by the end of the year.