Moulay Hafid Elalamy’s Saham Group has raised its direct stake in Teleperformance to about 12.5% after settling a €355 million derivatives contract arranged by Morgan Stanley in early September.
The transaction strengthens the former Moroccan industry and trade minister’s position in the French customer-service outsourcing group, with all shares acquired through the arrangement pledged as collateral.
Saham used a total return swap, a contract that provided financial exposure to Teleperformance shares without immediately owning them. Settlement converted that exposure into direct ownership. Pledging the shares supports the financing arrangement but leaves the collateral exposed to changes in their market value.
The investment builds on Saham’s sale of its stake in Majorel to Teleperformance in 2023. Saham had owned the outsourcing business alongside Germany’s Bertelsmann and received part of the sale price in Teleperformance shares.
Elalamy has chaired Teleperformance’s board since August 2024. Saham said when launching the transaction that it did not intend to take control of the group.
The increased holding comes as Teleperformance’s Moroccan operations face a separate competition review. Morocco’s Competition Council is examining subsidiary Majorel Africa’s proposed acquisition of Unifitel, with third parties given until Sept. 14 to submit observations.
Meanwhile, Morocco’s outsourcing industry is adjusting to French restrictions on telephone marketing without customers’ prior consent, which took effect Aug. 11. The sector’s professional federation estimates that about 10,000 jobs have been affected, with smaller operators among those exposed.
These developments place Saham’s investment alongside two pressures reshaping the industry: acquisition activity by larger groups and tighter rules affecting businesses dependent on outbound marketing calls.
They do not, by themselves, establish a link between the French restrictions and the Unifitel acquisition. For Saham, the immediate outcome is a larger direct holding in Teleperformance, backed by a financing structure tied to the shares it now owns.
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