News » Majorel, Sitel call off deal

Majorel, Sitel call off deal

Majorel, Sitel calls off deal

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.

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.