Call center operator Majorel announced that deals were off with privately-held IT services company, Sitel Group in Amsterdam.
A preliminary agreement to buy Luxembourg’s Majorel SA was halted and a cash and shares deal that would include 440 million euros (US$463 million) to Majorel shareholders did not push through.
“The proposed combination would create a strong force with combined pro-forma revenues of 5.4 billion euros,” both companies shared in a statement on what it could have been.
“Alignment could not be reached on the final structure of the transaction against the background of the current macro environment,” Majorel mentioned when asked what transpired to the cancellation.
In June the two firms announced that it had reached a preliminary agreement. Under the said agreement the new company would be 44.9% owned by Sitel’s majority shareholder the Mulliez family, with two 17.3% stakes held by Majorel shareholders Bertelsmann Luxembourg S.a.r.l and Saham respectively, 11.6% by Sitel and Majorel management, and 8.8% subject to a free float.