11/07/2012
BAIN CAPITAL TAKES ADVANTAGE TO ACQUIRE ATENTO.
Telefónica has received the final binding offers for Atento, its call center subsidiary, and highlights the one presented by private equity firm Bain Capital. The Boston-based firm, which manages $65,000 million, was able to close the deal in advance.
Apollo Management also wants to buy Atento’s 75% stake, while Permira pulled out halfway through. The buyer wants Telefónica stay for several years as a shareholder, because 50% of the subsidiary come from the matrix.
The valuation of Atento is around €750 and 850 million, a valuation below €1,000 million asked by Telefónica when the auction started in March. Therefore the stake offered for sale is around €600 million.
With Atento’s sale, Telefónica reduce its huge debt of around €57,000, but, above all, will reduce by more than 50% its workforce, as the subsidiary employs 155,000 workers on a total of 289,000 worldwide.
Atento reached last year a turnover increased 8.4% to €1,800 million, while operating income fell 30% to €101 million.