TDCX Inc. Completes Going-Private Acquisition, Exits NYSE

Singapore-based digital customer experience solutions provider TDCX Inc. has finalized its transformation into a private company following the completion of a merger transaction on June 18, 2024. The company, which previously traded on the New York Stock Exchange under ticker TDCX, is now wholly owned by Parent entity Transformative Investments Pte Ltd, controlled by Laurent Junique, the company’s Founder and Executive Chairman.

Transaction Terms and Shareholder Consideration

Under the merger agreement signed on March 1, 2024, shareholders received US$7.20 per share in cash compensation. This consideration applied uniformly to Class A and Class B ordinary shares held by shareholders who did not exercise dissenting rights. American Depositary Share (ADS) holders received the equivalent US$7.20 per ADS, while warrant holders received US$7.19 per vested warrant. All payments were subject to applicable withholding taxes and, in the case of ADS holders, associated depository fees.

Since Junique and his affiliated entities controlled over 90% of voting shares prior to the transaction, the merger proceeded as a short-form transaction under Cayman Islands corporate law, eliminating the need for shareholder approval.

Market Delisting and Regulatory Changes

TDCX requested suspension of ADS trading on the NYSE effective June 20, 2024. The company has filed a Form 25 with the U.S. Securities and Exchange Commission notifying of the ADS delisting and subsequent deregistration of its publicly traded securities. Following these actions, TDCX intends to file Form 15 with the SEC to suspend its ongoing reporting obligations, including the filing of Form 20-F and Form 6-K reports.

Business Operations Continue Globally

TDCX maintains its position as a transformative digital CX solutions provider serving technology and enterprise clients across multiple sectors including fintech, gaming, digital advertising, e-commerce, and streaming services. The company operates across 30 global campuses employing over 17,800 professionals, with significant regional operations spanning Brazil, Colombia, Hong Kong, India, Indonesia, Japan, Malaysia, mainland China, the Philippines, Romania, Singapore, South Korea, Spain, Thailand, Türkiye, and Vietnam.

Advisory Support for Transaction

The Special Committee of independent directors appointed Houlihan Lokey (China) Limited as financial advisor, with Hogan Lovells providing U.S. legal counsel and Maples and Calder (Hong Kong) LLP serving as Cayman Islands counsel. The acquiring Buyer Group was supported by Goldman Sachs (Singapore) Pte. for financial advisory, Skadden, Arps, Slate, Meagher & Flom LLP for U.S. legal matters, and Travers Thorp Alberga for Cayman Islands legal guidance.

Forward-Looking Considerations

The completion of this transaction marks a strategic shift for TDCX, allowing the company to operate as a private entity while maintaining its service delivery across its global footprint, particularly strengthening its market position in high-growth Asia-Pacific regions where it has established operational excellence.