VENTURE CAPITAL POST

Convergys Corp., a customer management services provider, will buy Stream Global Services from private equity firms Ares Management and Providence Equity Partners for $820 million. Stream provides customer relationship management services in 22 countries in 35 languages.

Wall Street banks including JPMorgan, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley have been calling on private equity firm Ares Management to go public soon. Ares, however, does not see the need for a public offering in the near future.

Investment firms Carlyle Group, Blackstone Group, Apollo Global Management, Bain Capital, Ares Management and a consortium of Onex Corp and Canada Pension Plan Investment Board are reportedly bidding for Illinois Tool Works' industrial packaging unit in a deal that could bring in USD3 billion.

Depending on their risk interpretation of the current debt situation of JCPenney under new CEO Mike Ullman.