Stream Global Services, Inc. and EGS Corp., the indirect parent company of eTelecare Global Solutions, Inc., jointly announced that they have entered into a definitive agreement to combine in a stock-for-stock exchange. As a result, the current Stream and EGS Corp. stockholders will own approximately 57.5% and 42.5%, respectively, of the combined entity. The Board of Directors and principal stockholders of both Stream and EGS Corp. have unanimously approved the combination.
The combined company, which will retain the Stream Global Services name, will have approximately 30,000 employees located throughout 50 solution centers in North America, Europe, the Philippines, Latin America, India, the Middle East, and Africa. It is estimated that the combined enterprise would have annual revenues approaching $1 billion for the year ending December 31, 2010.