25 September 2023
We are pleased to announce that on September 25th, 2023, Webhelp and Concentrix Corporation, two leading global providers of customer experience services and technologies, have closed their combination in a transaction valuing Webhelp at approximately $4.0 billion, including net debt. The integration of the two companies is underway. While the combined company finalizes its permanent name, it will operate under the trade name Concentrix + Webhelp.
Under the terms of the agreement, Concentrix acquires 100% of the shares of Webhelp. Shareholders of Webhelp receive 14.9 million shares of Concentrix, €500 million of cash proceeds, and a €700 million note payable in two years, with the right to earn an additional 0.75 million shares if the share price reaches $170.00 within seven years from the closing of the transaction. Upon closing of the transaction, Webhelp shareholders own approximately 22% of the combined company.
This combination further positions Concentrix + Webhelp as a global CX leader, with approximately $9.8 billion in estimated pro forma 2023 annual revenues across more than 70 countries. It also strengthens its end-to-end CX value proposition, with one of the most robust, well-balanced global footprints in the industry to help the world’s best brands transform customer experiences and achieve their business goals.
Concentrix + Webhelp also welcomes two new members to the Board of Directors, Olivier Duha and Nicolas Gheysens. Olivier Duha is an entrepreneur, philanthropist, co-founder, and former CEO of Webhelp and will serve as Vice Chair of the Board. Nicolas Gheysens is a Partner at Groupe Bruxelles Lambert (“GBL”), the company’s largest shareholder following the Concentrix + Webhelp combination, and brings with him a wealth of investment and board experience, backing the growth of large and successful businesses across Europe.
“I am excited to embark on this new journey together and believe that, with our combined strengths, we are uniquely positioned to redefine the industry and design, build and run the future of CX for our amazing and valued clients. I want to thank our game-changers around the world who have made this possible. I am truly honored to work with such a diverse and talented team,” said Chris Caldwell, CEO of Concentrix + Webhelp.
“We are fortunate to add such strong skill sets with deep background in the customer experience industry to our Board. With the addition of Olivier and Nicolas, we expand our international expertise in leading large, complex multinational companies on a successful path for growth,” said Kathryn Marinello, Concentrix Chair of the Board.
In the context of this transaction, Sycomore Corporate Finance acted as financial advisor to Webhelp, its co-founders and its management team. The transaction team comprised Olivier Barret, Pierre-Arnaud de Lacharrière, Marion Pouchain, Martin Bonissol and Renaud Zaegel.