SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Ares Corporate Opportunities Fund II, L.P. (Last) (First) (Middle) 2000 AVENUE OF THE STARS 12TH FLOOR (Street) LOS ANGELES CA 90067 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Stream Global Services, Inc. [ SGS ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 04/27/2012
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001 per share	04/27/2012		P		521,549	A	$3.25	71,532,829(1)(2)(3)(4)	I(1)(2)(3)(4)	By SGS Holdings LLC
Common Stock, par value $0.001 per share	04/27/2012		P		155,599	A	$3.25	71,688,428(1)(2)(3)(5)	I(1)(2)(3)(5)	By SGS Holdings LLC
Common Stock, par value $0.001 per share	04/27/2012		P		155,599	A	$3.25	71,844,027(1)(2)(3)(6)	I(1)(2)(3)(6)	By SGS Holdings LLC
Common Stock, par value $0.001 per share	04/27/2012		P		1,250,000	A	$3.25	73,094,027(1)(2)(3)(7)	I(1)(2)(3)(7)	By SGS Holdings LLC
Common Stock, par value $0.001 per share	04/27/2012		P		2,871,412	A	$3.25	0(1)(2)(3)(8)(9)(10)	I(1)(2)(3)(8)(9)(10)	By SGS Holdings LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Ares Corporate Opportunities Fund II, L.P. (Last) (First) (Middle) 2000 AVENUE OF THE STARS 12TH FLOOR (Street) LOS ANGELES CA 90067 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ACOF Management II, L.P. (Last) (First) (Middle) 2000 AVENUE OF THE STARS 12TH FLOOR (Street) LOS ANGELES CA 90067 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ACOF Operating Manager II, L.P. (Last) (First) (Middle) 2000 AVENUE OF THE STARS 12TH FLOOR (Street) LOS ANGELES CA 90067 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ARES MANAGEMENT LLC (Last) (First) (Middle) 2000 AVENUE OF THE STARS 12TH FLOOR (Street) LOS ANGELES CA 90067 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ARES PARTNERS MANAGEMENT CO LLC (Last) (First) (Middle) 2000 AVENUE OF THE STARS 12TH FLOOR (Street) LOS ANGELES CA 90067 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. As a result of the contribution of the shares of common stock, par value $0.001 per share ("Shares"), of Stream Global Services, Inc. ("Stream") held by each of Ares Corporate Opportunities Fund II, L.P. ("ACOF II"), EGS Dutchco B.V. ("EGS"), NewBridge International Investment Ltd. ("NewBridge" and, together with Ares and EGS, the "Parent Members"), G. Drew Conway ("Mr. Conway") and Paul G. Joubert ("Mr. Joubert" and, together with Mr. Conway, the "Rollover Directors") to SGS Holdings LLC ("Parent"), as of April 27, 2012, ACOF II, EGS, NewBridge, Mr. Conway and Mr. Joubert beneficially owned 50.8%, 19.0%, 28.9%, 0.6% and 0.7%, respectively, of the units of membership interest of Parent. Accordingly, each of the Parent Members and the Rollover Directors may be deemed to have indirect beneficial ownership of a portion of the Shares reported on this Form 4. (continued in footnote 2)

2. The general partner of ACOF II is ACOF Management II, L.P. ("ACOF Management II") and the general partner of ACOF Management II is ACOF Operating Manager II, L.P. ("ACOF Operating Manager II"). ACOF Operating Manager II is indirectly controlled by Ares Management LLC ("Ares Management") which, in turn, is indirectly controlled by Ares Partners Management Company LLC ("Ares Partners," and collectively with ACOF II, ACOF Management II, ACOF Operating Manager II and Ares Management, the "Ares Entities"). Ares Partners is managed by an executive committee comprised of Michael Arougheti, David Kaplan, Gregory Margolies, Antony Ressler and Bennett Rosenthal. Because the executive committee acts by consensus/majority approval, none of the members of the executive committee has sole voting or dispositive power with respect to any Shares. (continued in footnote 3)

3. Each of the members of the executive committee, the Ares Entities (other than ACOF II with respect to the portion of the Shares owned by Parent that are attributable to ACOF II's pecuniary interest in Parent) and the directors, officers, partners, stockholders, members and managers of the Ares Entities expressly disclaims beneficial ownership of any Shares, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

4. On March 5, 2012, Parent entered into a stock purchase agreement with Lloyd Linnell to acquire 521,549 Shares at a price of $3.25 per Share (the "Linnell Purchase"). On April 27, 2012, Parent closed the Linnell Purchase and thereby acquired all such Shares.

5. On March 5, 2012, Parent entered into a stock purchase agreement with Stephen Moore to acquire 155,599 Shares at a price of $3.25 per Share (the "S. Moore Purchase"). On April 27, 2012, Parent closed the S. Moore Purchase and thereby acquired all such Shares.

6. On March 5, 2012, Parent entered into a stock purchase agreement with Patricia Moore to acquire 155,599 Shares at a price of $3.25 per Share (the "P. Moore Purchase"). On April 27, 2012, Parent closed the P. Moore Purchase and thereby acquired all such Shares.

7. On March 5, 2012, Parent entered into a stock purchase agreement (the "Brookside Stock Purchase Agreement") with Brookside Capital Trading Fund, L.P. ("Brookside") to acquire 1,500,000 Shares at a price of $3.25 per Share (the "Brookside Purchase"). On April 27, 2012, Parent and Brookside entered into an amendment (the "Amendment") to the Brookside Stock Purchase Agreement reducing the number of Shares to be sold pursuant to the Brookside Stock Purchase Agreement from 1,500,000 Shares to 1,250,000 Shares to reflect the correct number of Shares owned by Brookside. On April 27, 2012, immediately after entering into the Amendment, Parent closed the Brookside Purchase and thereby acquired all such Shares.

8. On April 27, 2012, pursuant to the terms of that certain Contribution and Exchange Agreement (the "Parent Contribution Agreement"), dated as of April 27, 2012, by and between Parent and Stream Acquisition, Inc., a Delaware corporation and wholly-owned subsidiary of Parent ("MergerSub"), Parent contributed 73,094,027 Shares to MergerSub in exchange for shares of common stock, par value $0.001 per share of MergerSub.

9. On April 27, 2012, MergerSub consummated a short-form merger (the "Merger") under Section 253 of the General Corporation Law of the State of Delaware ("DGCL") pursuant to which MergerSub merged with and into Stream, with Stream as the surviving corporation (the "Surviving Corporation"). (continued in footnote 10)

10. Pursuant to the terms of the Merger, each Share (other than Shares held by Stream as treasury stock, by MergerSub, or by stockholders of Stream who properly exercise statutory appraisal rights under the DGCL) issued and outstanding immediately prior to the effective time of the Merger was cancelled and automatically converted into the right to receive $3.25 in cash, without interest and subject to any applicable withholding tax, upon surrender of the certificate representing such Share, together with a letter of transmittal. Each Share held by Stream and MergerSub was canceled at the effective time of the Merger for no consideration. In addition, each share of capital stock of MergerSub issued and outstanding immediately prior to the effective time of the Merger was automatically converted into one share of common stock, par value $0.001 per share, of the Surviving Corporation. As a result of the Merger, Stream is now owned by Parent, the former sole stockholder of MergerSub.

	/s/ Michael D. Weiner, Authorized Signatory of ACOF OPERATING MANAGER II, L.P., Manager, for ARES CORPORATE OPPORTUNITIES FUND II, L.P.	04/27/2012
	/s/ Michael D. Weiner, Authorized Signatory of ACOF OPERATING MANAGER II, L.P., General Partner, for ACOF MANAGEMENT II, L.P.	04/27/2012
	/s/ Michael D. Weiner, Authorized Signatory, for ACOF OPERATING MANAGER II, L.P.	04/27/2012
	/s/ Michael D. Weiner, Authorized Signatory, for ARES MANAGEMENT LLC	04/27/2012
	/s/ Michael D. Weiner, Authorized Signatory, for ARES PARTNERS MANAGEMENT COMPANY LLC	04/27/2012
	** Signature of Reporting Person	Date
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