With €355 million injected, Elalamy steps up his influence in Teleperformance

This update focuses on Moulay Hafid Elalamy in Teleperformance. Moroccan businessman Moulay Hafid Elalamy has tightened his grip on Teleperformance, sending a signal that many Moroccan investors abroad are likely to watch closely.

Moulay Hafid Elalamy in Teleperformance: a €355 million operation

The founder of Saham and former Moroccan Minister of Industry and Trade has increased his direct stake in Teleperformance to around 12.5% of the share capital.

The move follows the unwinding of a €355 million transaction structured by US bank Morgan Stanley through a Total Return Swap (TRS), a sophisticated derivatives contract.

A TRS allows an investor to gain economic exposure to a stock without immediately buying it on the market. In this case, it helped build a significant position in Teleperformance over time, without triggering a sharp reaction in the share price.

From financial exposure to direct shareholding

In early September, the settlement of the TRS turned Saham and Elalamy’s exposure into a direct holding of Teleperformance shares.

After conversion, Moulay Hafid Elalamy now directly owns about 12.5% of the French group. All the shares acquired through the operation have been pledged, a common feature of large acquisition financings.

However, pledging the shares does not shield the investor from price movements. Elalamy remains exposed to Teleperformance’s ups and downs, which suggests a strong level of confidence in the company and in the sector.

A deeper strategic alliance between Saham and Teleperformance

This latest step is part of a broader rapprochement between Saham and Teleperformance that started in 2023. That year, Saham sold its stake in outsourcing specialist Majorel to Teleperformance.

Part of the payment for that deal was made in Teleperformance shares, paving the way for a gradual build-up of Elalamy’s position in the CAC 40 company.

Since August 2024, Elalamy has also been serving as chairman of Teleperformance’s board of directors, becoming the first Moroccan to head the board of a CAC 40 group.

What this means for Moroccans investing from abroad

For Moroccans living abroad and looking at investment opportunities linked to the Moroccan economy, this repositioning carries several messages:

• a long-term Moroccan footprint inside a global leader in customer experience management;
• a confirmation of Morocco’s role as a base for offshoring and outsourced services;
• a governance led by a figure well known in Moroccan business circles.

Teleperformance already operates service platforms in Morocco. The stronger involvement of Moulay Hafid Elalamy in Teleperformance could further reinforce the country’s place in the group’s regional strategy.

For Moroccans abroad who invest through stock markets or international funds, the rising stake of a Moroccan player in a CAC 40 blue chip is another sign of how Moroccan groups are scaling up and positioning themselves in global assets.

A sector in transition between Morocco and Europe

This capital increase comes as the outsourcing industry is being reshaped in Morocco. The Competition Council is currently reviewing Majorel’s proposed acquisition of Unifitel.

At the same time, a new French law on cold calling came into force on 11 August, banning commercial calls without prior consumer consent.

These changes could weigh on the business model of call-center operators working between France and Morocco. Investors, including Moroccans abroad who hold shares or funds exposed to the sector, will need to monitor how these rules affect volumes, margins and employment.

In this rapidly evolving context, the decision to cement a long-term position in Teleperformance shows a clear intent to remain an influential player in a market being redefined between Moroccan and European interests.

For more context, readers can follow Canal212 news for Moroccans abroad.

For official updates, readers can check the relevant official source.