Luxembourg’s Majorel agrees on possible merger with Sitel

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The Luxembourg-based Majorel Group has agreed to merge with the Miami-based Sitel Group, the two companies announced on Monday.

Majorel is owned by German media conglomerate Bertelsmann, the owner of RTL, and Saham Group, a pan-African investment company, while the majority stake in Sitel is owned by the Mulliez family in France. Together, the two companies have approximately 1,000 corporate clients, helping them with everything from customer support and back office capabilities to digital marketing.

Majorel’s shareholders account for 43.9% of the newly established company, and Sitel’s shareholders hold the remaining 56.1%.

The Mulliez family owns a 44.9% stake in the new company, and Bertelsmann and Saham each own a 17.3% stake. Sitel’s management owns 11.2% and 8.8% of the shares will be listed.

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

The proposed new entity (which will be established by either the fourth quarter of 2022 or the first quarter of 2023) will have its business headquarters in Luxembourg and will be listed on Amsterdam.

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