NEW YORK and MANILA, Philippines – Providence Equity Partners Inc. and Ayala Corp. last night announced the completion of their cash tender offer for Arizona-based eTelecare Global Solutions Inc. (PSE, Nasdaq: ETEL).

The Arizona firm is a provider of voice-based and non-voice-based customer care, providing technical support, customer service, sales, customer retention, chat and e-mail from delivery centers in the Philippines, North America and Latin America.

The buyers had agreed in September to acquire eTelecare and take it private via a tender offer – valued at about $290 million – for “up to all” outstanding common and American Depositary Shares in the business process outsourcing (BPO) company. (READ MORE) The company’s common shares are listed on the Philippine Stock Exchange and its ADS shares trade on the Nasdaq Global Market.

Manila-based Ayala already had “significant holdings” in eTelecare via LiveIt Solutions Inc., its holding company for the BPO sector. “Our further investment demonstrates our confidence in the management team and 13,000 plus members of the eTelecare family,” LiveIT CEO Fred Ayala had said in September.

By the offer’s expiration yesterday, about 98.7 percent of outstanding shares in eTelecare had been tendered – nearly 18.90 million common shares and 10.39 million ADS shares, each representing one common share – well above the 66.67-percent minimum that was one of the conditions of the Ayala-Providence Equity offer.

The offer – for $9 per share, just under the stock’s 52-week high of $9.04, reached on Dec. 13, 2007 – was made by EGS Acquisition Co. LLC, a special-purpose company jointly owned by affiliates of Ayala and Providence Equity, the companies said in their after-market announcement. On Dec. 8, that company “assigned all of its rights and interests in the tender offer to its affiliate, EGS Acquisition Corp.,” the parties said, and EGS Acquisition “has accepted for purchase and will promptly pay, within 10 business days,” for all validly tendered shares.

“This transaction underscores Providence’s strategy, particularly in Asia, of partnering with local entrepreneurs and industry leaders as part of its investments,” Julie Richardson, a managing director of the Providence-based equity firm and acting chief of its Asia-Pacific operations, had said when the agreement was announced this fall. “Including this transaction, Providence has committed to deals with an aggregate investment of over $1 billion in Asia.”

Scottsdale, Ariz.-based eTelecare Global Solutions (PSE, Nasdaq: ETEL), founded in 1999, is a leading provider of business process outsourcing (BPO) solutions. Additional information is available at www.eTelecare.com.

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