(News Bulletin 247) – Groupe Bruxelles Lambert announced on Thursday that it would become the largest shareholder in the new entity formed by Webhelp and Concentrix, which announced their intention to merge on Wednesday.
The two groups said last night that they had reached an agreement to combine them, with the aim of creating a global player in customer experience (CX).
GBL, which is the majority shareholder of Webhelp, says it supports the operation, at the end of which the holding company should become the first shareholder of the combined group and should be represented on the board of directors.
As part of the operation, the investment company will receive 12.9% of the ordinary shares of Concentrix, but also ‘earn-out’ shares giving the right to additional shares in the event of the achievement of certain objectives as well as a claim giving right to payment in cash of approximately 500 million euros.
The implied valuation of €1.53 billion of its stake in Webhelp represents a multiple of invested capital (MoIC) of 1.8x since the initial investment made in November 2019.
Following this announcement, the GBL share posted the strongest rise in the BEL 20 index of the Brussels Stock Exchange, posting gains of 2.8% in the middle of the morning.
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