New York, August 6, 2008—Shearman & Sterling represented Aegis BPO, a subsidiary of Essar Group, in its agreement and plan of merger, through Essar Services, Mauritius, a wholly owned subidiary of Aegis BPO, with PeopleSupport, Inc. PeopleSupport will continue as the surviving company and will become a wholly-owned subsidiary of Essar Services, Mauritius. The transaction is expected to close during the fourth quarter of 2008.

Essar Services, Mauritius and Aegis form part of the Essar Group, a globally diversified conglomerate with interests in steel, energy, power, communications, shipping & logistics, and construction. The Essar Group has an estimated enterprise value of over US$50 billion and employs over 38,000 people worldwide.

PeopleSupport is a leading offshore business process outsourcing (BPO) provider that offers customer management, transcription and captioning and additional BPO services for global enterprise clients. PeopleSupport is headquartered in Los Angeles, California, and employs approximately 8,500 employees worldwide.

Principal M&A attorneys on the transaction are New York-based partner Stephen Besen and New York-based associates Robert Katz, Erin Chayko and Mickaël Goupil. Other attorneys involved in the transaction include counsel Sam Waxman (New York-Intellectual Property), and associates Kelly Karapetyan (New York-Antitrust) and Elizabeth Roseman (New York-Executive Compensation & Employee Benefits).

For additional information contact:
Ron Brandsdorfer | New York | T +1.212.848.5081 |