Overview:
On 20 June 2022, Sitel Group announced that it had signed an agreement to merge Majorel with itself in a cash and shares deal that would include a c.$463m cash payout to Majorel shareholders.
The transaction will bolster growth strategies of both the organizations, creating a top player in the $300 billion contact center and CX industry and enhancing the value proposition for new and existing clients alike.
About Sitel Group:
Sitel Group is a leading global provider of CX and contact center products and services. The company has c.165,000 employees across the globe carrying out over 8 million customer interactions everyday in over 50 languages.
It is a portfolio company of Creadev, the investment arm of the Mulliez family.
About Majorel:
Founded in 2019, Euronext Amsterdam-listed Majorel is a CX and BPO solutions company. It provides full-service omnichannel customer interaction, BPO, technical support and end-to-end CX services.
Its clientele includes digital-native and vertical-leading brands.
The company has LTM revenues of $1.9bn and LTM EBITDA of $199m.
It is headquartered in Luxembourg, Luxembourg.
Transaction rationale:
The merger of Sitel Group and Majorel will create a new global leader in the CX industry.
The merged entity will have over 240,000 employees across 55 countries speaking over 70 languages and supporting over 1,000 customers across all major verticals.
The enterprise value of the merged entity is $10.1bn with pro-forma revenues of $6.4bn in 2021.
Majorel legacy shareholders would represent 43.9% and the Sitel legacy shareholders would represent 56.1% of the combined entity. Consequently, the shareholding in the combined entity would be as follows: the Mulliez family (44.9%), Bertelsmann (17.3%), Saham (17.3%), Sitel management (11.2%), Majorel management (0.4%) and free float (8.8%).
The shares of the combined entity will trade on Euronext Amsterdam and the free float would be increased to at least 20% within a year of closing the deal.
The Chesapeake Group was not an advisor in this transaction.
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