Majorel and Sitel announced that they and their major shareholders including Bertelsmann have entered a non-binding key terms agreement to merge their two companies and create a new global leader in the CX-customer experience industry. In 2021, with a pro-forma revenue, the combined companies have generated revenues of EUR 5.4 billion and an EBITDA of more than EUR1.0 billion.
The two companies have a global presence across 55 countries, where more than 300 sites globally have employed more than 240,000 employees. Since September 2021, Majorel is listed as an undertaking of Bertelsmann and Saham Group and is listed on Euronext Amsterdam. The proposed merger is scheduled to close in Q4-2022 or in Q1-2023 and is subject to regulatory approvals.
Sitel merger to create global CX leader
Commenting on the merger, Bertelsmann Chairman and CEO Thomas Rabe said that Majorel has enjoyed dynamic growth since its establishment and the growth story was confirmed by the venture’s successful placement of shares on the capital market in 2021. The proposed merger with Sitel Group would create a market leader for Customer Experience with high growth potential and a wide global presence. The company is looking forward to working with the Majorel partners, Saham, the Mulliez family and the management of Majorel and Sitel Group. The combined entities together aim at establishing a new company.
The CEO OF Saham, Moulay Mohamed Elalamy said, that they are delighted to be partnered with Bertelsmann for over 18 years now and are jointly accompanying Majorel to become a global player. They are looking forward to enlarging this partnership to include the Mulliez family, with whom they share strong common values. He also said that this merger is a combination of two fantastic teams, who are not only fundamentally valued but who also share a corporate culture based on empowerment, operational excellence, and diversity.
Bertelsmann will hold a stake of around 17 percent in the combined company following the proposed merger of Majorel and Sitel Group, and would have one seat on its Supervisory Board. Including Bertelsmann, all Majorel shareholders together will receive a special cash distribution totaling EUR440 million. Once the potential merger closes, the shares of the combined company will be admitted to trading on Euronext Amsterdam. The purpose is to increase the free float of shares of the newly formed company in the future.
Bertelsmann and Saham have been working together since 2004. In 2018, Bertelsmann and the Morocco-based Saham Group announced plans to merge their global customer experience (CX) industries. Majorel is active in five continents and in 41 countries and employs about 75,000 employees. The company offers highly focused end-to-end CX services to more than 400 customers worldwide, including many digital-native and vertical leading brands.
Majorel generated net revenues of EUR1.75 billion in the financial year 2021, up 31 percent quarter-on-quarter. Operating EBITDA was EUR316 million, a 61-percent increase over the financial year, 2020.
Bertelsmann is a media, education and services company that has its presence in almost 50 countries globally. It consists of the entertainment group, RTL, the service provider Arvato, the trade book publisher Penguin Random House, the music company BMG, the Bertelsmann Education Group, the Bertelsmann Printing Group, and Bertelsmann Investments, an international network of funds. The company employs around 145,000 people and had generated revenues of EUR18.7 billion in FY-2021.Bertelsmann focuses on entrepreneurship and creativity. This combination promotes top innovative service solutions and media content that inspires customers around the globe. By 2030, Bertelsmann aspires to achieve a climate-neutral work environment.
Majorel plans to build and deliver Gen-next end to end customer experiences for all of the respective digital, native, and vertical leading brands. Majorel’s inclusive global footprint with its presence in 41 countries and five continents, and more than 75,000 employees allows it to leverage their expertise and deliver flexible solutions to customers. Majorel strives for excellence in customer experience. With deep domain expertise, Majorel tech-augments front to back office CX. Majorel is a global leader in Content services, Trust and Safety.