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Luxembourg's Majorel agrees potential merger with Sitel

Luxembourg's Majorel agrees potential merger with Sitel

by Reuben MALEKAR 20.06.2022
Majorel provides "customer experience" services such as client support and back office functions
Photo credit: Shutterstock

Luxembourg-based Majorel Group has agreed to merge with Miami-based Sitel Group, the companies said on Monday, in a €440 million deal that would create one of the world's largest firms helping others interact with customers.

Majorel is owned by German media conglomerate Bertelsmann - owner of RTL - and Saham Group, a pan-African investment company, whereas Sitel's majority share is held by the Mulliez family from France. Together, the two firms would have some 1,000 corporate clients, helping them with anything from customer support and back office functions to digital marketing.

Majorel's shareholders would represent 43.9% of the newly formed company and the Sitel shareholders would hold the remaining 56.1 percent.

The Mulliez family would own 44.9% of the new company, while Bertelsmann and Saham would each hold 17.3% of the stock. Sitel management would own 11.2%, while 8.8% of the shares would be publicly traded.

The family, Bertelsmann and Saham aimed to increase the free float of the combined entity to at least 20%, Majorel said. 

The proposed new entity - expected to be incorporated by either the last quarter of 2022 or the first quarter of 2023 - would have a new name, with its operational headquarters in Luxembourg and listed in Amsterdam.

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