Casablanca-based Saham Group has deepened its financial stake in Teleperformance SE through a €355 million total return swap agreement executed with a major financial institution, according to a press release issued March 2, 2026. The move, facilitated by Morgan Stanley, is expected to increase Saham’s economic exposure to the French customer experience services giant.
The transaction does not signal an intention to acquire a controlling interest in Teleperformance, Saham Group has stated. Instead, it represents a strategic bet on a company already familiar to the investment firm. Saham’s current position in Teleperformance stems from the November 2023 merger between Majorel and Teleperformance, where Saham held a significant shareholding in Majorel through a joint venture with Bertelsmann. During the acquisition, Saham opted to receive a substantial portion of the payment in Teleperformance shares, establishing itself as a reference shareholder.
Saham and Bertelsmann initially held roughly 4 percent each of Teleperformance’s share capital following the Majorel merger. This latest equity swap is designed to further augment Saham’s position. The agreement is set to mature on September 2, 2026, or potentially sooner if the maximum notional amount of €355 million is reached, contingent on market conditions.
Teleperformance, which employs over 500,000 people across nearly 100 countries, reported revenues of €10.2 billion and a net profit of €781 million in 2025. The company’s scale and global reach make it an attractive investment for Saham Group, which is led by Moulay Hafid Elalamy.
Elalamy’s influence within Teleperformance has been steadily growing. In August 2024, he became chairman of the company’s board, marking the first time a Moroccan national has held such a position at a company listed on the CAC 40 index. He was also elected to the executive board of the International Chamber of Commerce in 2024.
Saham Group’s strategy, as described by sources close to the group, involves building large ventures and then leveraging their success to pursue further opportunities. This pattern was evident in Elalamy’s transformation of a small Moroccan insurance startup into a pan-African financial powerhouse, which was later sold for approximately $2 billion. The proceeds were then reinvested into new ventures, including the increased stake in Teleperformance.
The group emphasizes that its international expansion will not diminish its Moroccan identity, with strategic decisions continuing to be made from its base in Morocco. Saham previously served as a cornerstone shareholder of Majorel, supporting its growth prior to the merger with Teleperformance.
