Concerto Software to acquire Aspect Communications Corporation

Concerto Software to acquire Aspect Communications Corporation

In a deal worth USD 1 Billion, privately held Concerto Software would be taking over Call-center Company Aspect Communications Corporation. The collaboration would result in an entity, which would be the largest provider of call center products and services in the world. The deal also meant that Aspect had to significantly lower its second-quarter earnings target due to restructuring charges.

As per the decided agreement, Aspect shareholders will receive $11.60 in cash for each share of common stock, a 15 percent premium to the stock’s average closing price during the last 30 trading days. In return, Holders of Aspect Series B Preferred Stock will receive an equivalent amount of cash per share on an as-converted basis.

The deal is expected to be completed by September 2005 and has been approved by the board of directors of Aspect Communications. Concerto’s investors would own the merged entity, which includes Golden Gate Capital, Oak Investment Partners, and its management. The chief of the merged company would be Concerto’s CEO James Foy.