Aegis BPO, a back-office unit of Essar Group, has agreed to acquire Peoplesupport, a US-based outsourcing firm for about $250 million, reports Economic Times.

Peoplesupport, with offices in the Phillippines and Costa Rica, will give Aegis access to new territories.

The deal will be funded internally by the Essar group, said Aparup Sengupta, Global CEO and Managing Director of Aegis BPO.

Under the terms of the agreement, Aegis will pay Peoplesupport stockholders $12.25 per share, which is 29% higher than the Nasdaq-listed firm`s closing price on Friday.

This is the eleventh acquisition by Aegis in the last four years. After the takeover, the companies will merge and create an entity with revenues of $500 million and about 29,000 staff. Currently, Aegis employs around 20,000 persons, and Peoplesupport, 8,500. X