Sitel Group Agrees on Key Terms to Proposed Merger with Majorel to Establish a New Global Industry Leader in CX

The Proposed Merger Would Accelerate Both Organizations’ Respective Growth Strategies, Bringing the Combined Entity to the Top Players of a $300 Billion Industry and Enhancing the Value Proposition for Existing and New Clients

Sitel Group, one of the largest providers of customer experience (CX) products and solutions, announced  with Majorel Group Luxembourg S.A. (“Majorel”), a leading global provider of next-generation end-to-end CX solutions for digital-native and vertical-leading brands, that it has agreed on a non-binding term sheet which provides for a legal merger of Majorel with Sitel Group under Luxembourg law with Majorel Group Luxembourg S.A. ceasing to exist (the “Proposed Merger,” and the surviving company the “combined entity”). The term sheet provides for a 3-month exclusivity agreement between the parties. As a result of the proposed merger, the combined entity would be admitted to trading on Euronext Amsterdam. This proposed merger is supported by each organization’s respective major shareholders: Sitel Group with its majority shareholder, the Mulliez family; along with Majorel shareholders Bertelsmann Luxembourg S.à r.l. (“Bertelsmann”), Saham Customer Relationship Investment S.à r.l. Limited and Saham Outsourcing Luxembourg S.à r.l. (together “Saham”) which are all parties to the term sheet.

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“We are very excited to announce our intention to merge with Sitel Group”

“With Majorel, we have found the perfect partner to accelerate our strategy delivery,” said Laurent Uberti, President, CEO & Co-Founder, Sitel Group. “We realized early on that we share the same DNA as Majorel and are excited to jointly write the next chapter in our growth while delivering best-in-class customer experience solutions around the globe.”

With this proposed merger, both organizations would be better positioned to meet existing and future ever-increasing client demands and foster market-leading organic growth on a sustainable basis. Further, this proposed merger would accelerate the organizations’ leadership strategies, delivering value creation for shareholders, employees and existing and new clients in a $300+ billion market with a with pro-forma revenues of circa $6.4 billionⁱ.

“We are very excited to announce our intention to merge with Sitel Group,” said Thomas Mackenbrock, CEO, Majorel. “The combination of our two successful organizations would be a quantum leap towards our strategy of becoming a global leader in CX. I am looking forward to closely working with Laurent Uberti and the entire Sitel Group team.”

Upon the completion of the proposed merger, the combined entity, headquartered in Luxembourg, would announce its new name and brand identity. The combined organization would be led by Uberti as CEO and Mackenbrock in the role of Chief Investment Officer and CEO – EMEA and be supported by Olivier Camino, Global COO & Co-Founder, Sitel Group serving on the executive team.

The proposed merger would form a combined entity of over 240,000 employees across 55 countries speaking more than 70 languages and supporting 1,000+ⁱⁱ customers across all major verticals.

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As a result of the proposed transaction, Sitel Group and Majorel would be able to bring even greater value to the many brands and customers they support across their respective global footprints. Key opportunities for value creation include:

• New location solutions and talent scalability via an expanded geographic footprint
• Accelerated growth in content moderation and trust & safety services
• Deployment of vertical-specific CX and digital solutions

Majorel’s strong technology and expert services expertise, paired with the unrivaled support network of high-tech brands in the banking and financial services sector and beyond by Sitel Group, would reinforce the company’s vast array of proprietary technology solutions in helping deliver world-class customer experiences for clients.

There is also an aligned cultural fit and shared entrepreneurial mindset between Sitel Group and Majorel which has driven the respective organization’s growth in a highly fragmented market. The respective leadership teams share many other important qualities including skin in the game, adding to the aligned visions and significant sector experience. This proposed merger would create new shared opportunities with a unique service offering and domain expertise across an attractive client portfolio with a strong presence in the U.S. and Europe as well as in other geographies. Together, Sitel Group and Majorel would benefit from a truly global, well-established CX delivery platform across the Americas, EMEA and APAC. The combined entity would have a complementary geographical presence and reach in key markets, including the two organizations’ respective offshore platforms in Africa and APAC.

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