Commenting on the transaction, Michael J. Barrist, Chairman and Chief Executive Officer of NCO, said, "We are excited at the opportunities created by this acquisition, which will better enable us to service our markets. The combined organization will be uniquely positioned to offer our customers a host of new and expanded products along with unparalleled access to advanced technologies, industry experience, and global service capabilities."
In January 2008, NCO
completed the acquisition of Systems & Services Technologies, Inc.
is a leading third-party consumer receivable servicer and is a wholly owned subsidiary of JP Morgan Chase & Co. ("JPMorgan Chase
") (NYSE: JPM).
Commenting on the transaction, Michael J. Barrist, Chairman and Chief Executive Officer of NCO, said, "The acquisition of SST by NCO is a natural evolution of our Business Process Outsource, referred to as 'BPO', service offerings. We have already identified several opportunities for SST and its loan servicing platform to add value to our clients. In addition, the strength of NCO's existing service platforms, technology, and client base will provide SST with a resource rich environment for growth and development.
In November 2006, NCO announced the completion of the acquisition of NCO by an entity controlled by One Equity Partners and its affiliates with participation by Michael J. Barrist, Chairman, President and Chief Executive Officer of the Company, and certain other members of executive management. Under the terms of the merger agreement, NCO shareholders are entitled to receive $27.50 in cash, without interest, for each share of NCO common stock that they hold. The transaction is valued at approximately $1.2 billion, including the assumption of debt.
In July 2006, NCO announced that it had entered into a definitive agreement to be acquired by One Equity Partners ("OEP") and Michael J. Barrist, Chairman, President and Chief Executive Officer of the Company, in a transaction valued at approximately $1.26 billion.
Other members of executive management will be given an opportunity to invest in the surviving company and Mr. Barrist will continue as Chief Executive Officer.
The transaction is expected to be completed in the fourth quarter of 2006.
In a deal announced at the end of June, NCO Group
has acquired a 75% stake in Melbourne, Australia-based Australian Receivables Limited
The acquisition gives NCO
a foothold in the Australian debt collection market.
NCO Group Chairman and CEO Mike Barrist said in a press release that the move into Australia was part of a strategic global expansion for the company.
As of July 1, Barrist
assumed control of ARL's