Transactions: Global BPO Services

Global BPO Services, a $250 million Special Purpose Acquisition Company (SPAC), acquired Stream Holdings Corporation, a leading provider of global customer relationship management and other business process outsourcing services, to form Stream Global Services. The transaction allowed Global BPO Services to realize its strategy of acquiring an operating platform to create a business capable of offering global corporations integrated BPO solutions across a variety of corporate functions using a common technology architecture. In order to facilitate the transaction, simultaneous with the closing, Global BPO sold a 73% stake in the combined company to Ares Management LLC in the form of convertible preferred stock and warrants.