Transaction Closure: Acquisition of PeopleSupport, Inc. by Aegis BPO Services Limited for USD 250 mn

Edelweiss Capital advised Aegis BPO Services Limited (Aegis) in acquiring 100% of PeopleSupport, Inc (PSPT) outstanding shares in an all cash deal. Aegis will pay PSPT stockholders USD 12.25 per share in cash which represents a premium of ~29% over PSPT’s closing share price on August 1, 2008 (the last trading day prior to the announcement on August 4, 2008), and a premium of ~42% over the average trading price of PSPT’s shares during the previous 30 trading days.

Post the merger, Aegis will become a leader in the global BPO market with operations in India, the Philippines, the United States and Costa Rica. With ~ 4,000 employees in the U.S. and more than 25,000 employees in other offshore locations, Aegis is positioned to provide customized solutions to meet its client requirements.

About Aegis BPO Services Limited:

Aegis BPO Services Limited is one of India's fastest growing BPO companies with annual revenues of over ~ USD 320 mn. Aegis services some of the world's largest corporations in the Telecom, Banking, Insurance and Healthcare verticals through its 25 delivery facilities in the U.S. and India. Aegis operates over 14,000 seats and employs over 20,000 people globally.

About PeopleSupport, Inc.:

PeopleSupport, Inc. is a leading offshore BPO provider that offers customer management, transcription and captioning and additional BPO services for clients. Headquartered in California, PSPT has service delivery centers in the Philippines and Costa Rica with approximately 8,500 employees. PSPT serves clients in a variety of industries, such as travel, consumer, financial services, healthcare, insurance, technology, telecommunications, entertainment and education.