Investment Group Acquires 5.6 Million Sitel Shares

Sitel Corp., a global provider of outsourced customer care based in Baltimore, said yesterday that an investment partnership managed by Desai Capital Management Inc. acquired 5.6 million shares, or 8 percent, of Sitel's common stock.

The investors will acquire shares from existing shareholders at a price of $8 per share for a total investment of $45 million.

The sellers include Sitel's founder and chairman, James F. Lynch, who will retain about 6.1 million shares. Others sellers include Lend Lease Corp. and certain former Sitel employees.

In connection with the transaction, Sitel's board of directors said it would appoint Desai chairman and president Rohit M. Desai to a vacant board seat upon closing of the acquisition.

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