Morocco’s Saham Group is increasing its shareholding in Teleperformance. The move forms part of a long-term strategy led by Moulay Hafid Elalamy, who founded Saham in 1995 as an insurance company. After building a strong presence across Africa, he sold the insurance arm to Sanlam in 2018 for $1bn.
The deal allowed Saham to reposition itself as a global investment group.
Saham’s current position stems from the November 2023 merger between Majorel and Teleperformance.
Before the deal, Saham was a major shareholder in Majorel through a joint venture with Bertelsmann. When Teleperformance acquired Majorel for about €3bn, Saham chose to receive a significant part of the payment in shares rather than cash. That decision made it a reference shareholder in the French group.
Teleperformance employs more than 500,000 people in nearly 100 countries. In 2025, it reported revenues of €10.2bn and net profit of €781m. By increasing its exposure, Saham is betting on continued growth in global business services, including the use of artificial intelligence to improve efficiency and profitability.
Mr Elalamy stepped down from government in 2021 and has since focused on expanding Saham’s international footprint.
The group acquired the Moroccan operations of Société Générale for €745m, creating Saham Bank.
In August 2024, Mr Elalamy became chairman of Teleperformance’s board, the first Moroccan to lead a company listed on the CAC 40. The same year, he joined the executive board of the International Chamber of Commerce.
