eTelecare Global Solutions, a BPO firm controlled by the Ayala Group through Liveit Investments, is asking to be delisted from the Philippine Stock Exchange by November 9, 2009 prior to its merger with another BPO firm based in Boston.

In a letter to the Philippine Stock Exchange board of directors, eTelecare vice president Michael Montero said a voluntary delisting of eTel will not prejudice the interest of investors.

On December 18, 2008, EGS Acquisition Corporation (EGS), a firm jointly owned by affiliates of Providence Equity Partners, Inc. and Ayala Corporation through EGS Corporation, completed the acquisition of a total of 98.72 percent of eTel pursuant to a public tender offer.

In the tender offer materials distributed to all eTel shareholders, it was advised that EGS’ intention was to acquire eTel and cause a delisting of eTel’s shares from the PSE and eTel’s American Depository Shares from the Nasdaq National Market.

Following this, eTel’s ADSs were delisted from the NASDAQ on January 12, 2009 and, on March 16, 2009, the respective Boards of Directors of eTel and EGS approved the merger of the two corporations. After this, EGS Corporation, now the indirect parent company of eTelecare, entered into a definitive agreement to combine with Stream Global Services, Inc., in a stock-for-stock exchange.

As a result, the current Stream and EGS stockholders will own approximately 57.5 percent and 42.5 percent, respectively, of the combined entity.

They include Ares Management LLC and certain founding Stream stockholders representing 90.2 percent of the Stream’s outstanding shares, as well as LiveIt and Providence Equity Partners LLC, who together own 100 percent of EGS.

The combination of Stream and eTelecare, which reported 2008 revenues of $523 million and $299 million, respectively, will create a global BPO leader with about 30,000 employees located in 50 solution centers in over 20 countries.

The combined company, which will operate under the Stream Global Services name globally, and under the eTelecare brand in the Philippines.

The merger also gives eTel a backdoor listing opportunity at the New York Stock Exchange.