A deal was signed Friday by Aegis Ltd., Essar Group's backoffice unit, also known as Aegis BPO with the aim to purchase Australia's UCMS Group Ltd., a business process outsourcing services provider, for about $54 million in cash.

It was revealed by Aegis BPO and UCMS Group via a joint statement that a sum of Australian $0.98 a share in cash would be paid by Aegis, through its affiliate Aegis BPO Services Australia Pty Ltd, for UCMS' shares - a premium of 133% over the May 14 closing price of A $0.42.

Aegis confirmed that the deal would most likely close in the third quarter of this year.

Aparup Sengupta, Aegis' global chief executive officer and managing director said in the statement, “Australia and New Zealand logically become a part of our growth strategy and offer an opportunity for Aegis to expand its footprint in this geography.”