Bain Pays $1.3B for Telefonica Call Center Biz

Spain's Telefonica has clinched a 1 billion euro ($1.3 billion) deal to sell its Atento call centre business to U.S. private equity firm Bain Capital as part of a drive to cut debt. The telecoms group is trying to raise funds to reduce a 57 billion euro debt pile and preserve a coveted investment grade credit rating, at a time when its crisis-hit home country faces pressure to seek an international bailout, Reuters reported. The deal includes a 110-million-euro deferred payment by Bain, which was co-founded by U.S. Republican presidential candidate Mitt Romney, as well as 110 million euros in financing provided by Telefonica, the Spanish group said on Friday.

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