What happened Shares of Sykes Enterprises (NASDAQ: SYKE) have skyrocketed today, up by 30% as of 11:30 a.m. EDT, after the company said it was being bought out by Sitel Group. The two companies offer complementary services in customer experience management. So what Sitel has agreed to buy all outstanding Sykes shares in an all-cash deal that values the latter company at $54 per share, representing a valuation of approximately $2.2 billion on a fully diluted basis. That price translates into a premium of 31% over yesterday's closing price. Sitel says that the combined company will be better positioned for growth as one of the top companies in business process outsourcing (BPO), offering a comprehensive suite of products and services to enterprise customers. Image source: Getty Images. "Thanks to the hard work of our team members, this transaction validates the execution of our vision, strategy, our differentiated full lifecycle business model and promises immediate and certain value for our stockholders at an attractive premium," CEO Chuck Sykes said in a release. "As we embark on the next phase of our journey, there is an opportunity to take the business to historic heights with a proven partner with similar culture and values." Now what Sitel CEO Laurent Uberti added that the combined technology company will have a greater geographical footprint, allowing it to expand its global reach. The deal is not contingent upon any special financing conditions and is expected to close in the second half of the year. 10 stocks we like better than Sykes EnterprisesWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Sykes Enterprises wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source