Aegis BPO, a global business process outsourcing (BPO) provider and part of the Essar group, has agreed to buy the Nasdaq-listed offshore BPO provider PeopleSupport, in an all cash deal of $250 million through its Mauritius subsidiary Essar Services.

As per the agreement, Aegis BPO will pay PeopleSupport stockholders $12.25 a share in cash through Essar Services (Mauritius), which represents a premium of about 29% over PeopleSupport’s closing share price on August 1, the last trading day prior to the announcement, and a premium of about 42% over the weighted average trading price of the company’s shares during the previous 30 trading days.

The deal has been approved by the boards of directors of both companies.

A recent survey by NASSCOM has revealed that IT and BPO industry is expected to grow 15 to 20 per cent in the coming five years. This will also give a rise to employment up to eight million.