Saham announces, this Monday, June 20, an agreement on the key terms with a view to the realization of a proposed merger of Majorel and Sitel which would create one of the world leaders in the customer experience industry ( CX) with combined revenue of €5.4 billion and EBITDA of over €1 billion (pro–forma IFRS–16 in 2021). The new group would have more than 240,000 employees spread over 300 sites in 55 countries. This new platform would be truly global and would cover the United States, Europe, Africa, the Middle East and Asia and enable it to serve global clients who are leaders in their sectors, as well as “Global Internet” companies.
The terms of the proposed transaction would imply that Majorel shareholders would own 43.9% of the combined entity, and Sitel shareholders would own 56.1%. The reference shareholders have also signaled their intention to increase the free float of the combined entity to at least 20%, in proportion to their shareholding, within 12 months following the completion of the merger project (depending on market conditions ). As part of this operation, Majorel shareholders (including Saham, Bertelsmann, and stock market shareholders) are expected to receive a cash distribution of around 440 million euros. Upon completion of the proposed merger, the combined entity would announce a new name and visual identity. It would have its headquarters in Luxembourg, and would be listed on Euronext Amsterdam.
Moulay Mhamed Elalamy, CEO of Saham Group, said: “We are delighted with the combination of Majorel and Sitel, as this merger will not only be fundamentally value-creating, but also a combination of two leading management teams, who share a common corporate culture based on operational excellence and entrepreneurial spirit. We are particularly delighted that Bertelsmann and Saham, which have benefited from an exceptional partnership for more than 18 years, are joining forces with the Mulliez family, with whom we share the same values. We look forward to accompanying Majorel and Sitel in this new stage of their development”.
Thomas Rabe, CEO of Bertelsmann, said: “Since its inception, Majorel has had a history of dynamic growth which has been confirmed by the successful placement of the company’s shares on the capital market in 2021. The proposed merger with Sitel, just announced, will create one of the market leaders in customer experience services, with a global presence and strong growth potential. We look forward to working with our Saham partners, the Mulliez family. Together, we will actively support the development of the new company.”
Barthélémy Guislain, President of the Mulliez Group, declared: “The Mulliez Family Association is very happy at the idea of supporting a new world leader in customer relations alongside the Saham and Bertelsmann family groups. This project makes absolutely sense for the two companies Sitel and Majorel. And it absolutely makes sense for these three families of shareholders who share the same entrepreneurial values.”