Moulay Hafid Elalamy's Strategic Investment in Teleperformance
Moroccan billionaire Moulay Hafid Elalamy has successfully finalized a derivative transaction valued at €355 million to acquire a significant stake in the French outsourcing giant, Teleperformance. This strategic investment has positioned him as a major shareholder, holding approximately 12.5% of the company, which is part of France's CAC 40 index. According to reports, Elalamy has ambitions to increase his stake further, potentially reaching up to 15%, which would make him the largest shareholder, surpassing Norway’s sovereign wealth fund.
The derivative contract, which was set to expire on September 2, enabled Elalamy to gradually accumulate shares without needing to purchase them outright on the market. This financial maneuver was orchestrated through a total return swap facilitated by Morgan Stanley, allowing his Saham Group to amass shares gradually. As of May 12, Elalamy had reached a remarkable 14.87% in capital and 14.52% in voting rights, surpassing the 5% and 10% disclosure thresholds mandated by France's Autorité des Marchés Financiers.
Background and Future Prospects
Moulay Hafid Elalamy’s journey began in Marrakesh in January 1960. He pursued higher education at the Université de Sherbrooke in Quebec and later founded the Saham Group, which became a dominant player in Morocco's insurance sector. His influence extended beyond business as he served as Morocco's Minister of Industry, Trade, and New Technologies from October 2013 until October 2021. Notably, he also chaired Morocco's unsuccessful bid to host the 2026 FIFA World Cup.
In 2023, Elalamy’s Saham Group sold its outsourcing operation, Majorel, to Teleperformance for approximately €3 billion. This transaction further solidified his connection with the company, as he received part of the payment in Teleperformance shares, leading to a direct holding of shares in the very company he helped expand. Following his recent acquisition, Elalamy assumed the role of chairman of Teleperformance's board in August 2024, marking a historic moment as the first Moroccan to lead a company listed on the CAC 40 index.
As Teleperformance continues to evolve under new leadership, including the appointment of Jorge Amar as CEO, stakeholders will be watching closely to see how Elalamy’s growing influence may shape the company’s strategic direction in the competitive outsourcing market.
As reported by billionaires.africa.
