Bain buys Telefónica unit for €1bn

The transaction comprises a deferred payment of €110m and vendor financing totalling €110m provided by Telefónica.

The sale is part of debt-laden Telefónica's plans to raise cash through sales of its assets.

Telefónica had been considering the sale of Atento since 2007. Original plans for an IPO were scrapped before the parent company began seeking a vendor this summer.

Company
Atento is a customer relationship management business that serves clients in the telecommunications, finance, healthcare, insurance, technology, retail,
transport and public sectors. The Madrid-based firm covers 15 countries and employs around 152,000 members of staff. Revenues in 2011 amounted to €1.8bn, while operating income before depreciation and amortisation totalled €161m. The firm has net debt of €175m.

Atento will continue to serve the Telefónica Group for nine years after the closing of the transaction.

People
Bear Albright is a managing director at Bain Capital.

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