Moulay Hafid Elalamy Raises Teleperformance Stake to 12.5%
Businessman Moulay Hafid Elalamy raised his stake in French group Teleperformance to 12.5% via a 355 million euro financial swap arranged by Morgan Stanley, cementing his status as the first Moroccan to chair a CAC 40 company's board.
Moroccan businessman Moulay Hafid Elalamy has raised his stake in French customer-relations giant Teleperformance to 12.5%, after completing a complex financial operation disclosed by France's financial markets authority (AMF) in a statement published on September 7, 2026.
The operation was carried out through Saham Investments IV Limited, a company linked to Elalamy, which unwound a "total return swap" contract worth 355 million euros, roughly 3.8 billion dirhams, arranged by American investment bank Morgan Stanley.
How the financial structure worked
This financial instrument allows its holder to benefit from a stock's economic performance without acquiring it directly on the market, making it possible to build a position gradually and shielded from the market swings a massive direct purchase would trigger. According to information published in recent months, the swap was launched in March 2026 and had reached 14.87% of Teleperformance's capital and 14.52% of voting rights by May 12, 2026, before Elalamy trimmed his position on May 14 as the share price rose. The contract matured on September 2, 2026, with the final settlement bringing the stake to 12.5%, split between directly held shares and a remaining portion still inside the swap.
According to financial sources, the operation's initial target was 15% of the capital, which would have made Elalamy Teleperformance's largest shareholder, ahead of Norway's sovereign wealth fund.
Why this investment matters
Saham group's stake in Teleperformance dates back to 2023, when the French group acquired Majorel, the customer-relations company jointly owned by Saham and Germany's Bertelsmann, in a deal worth around 3 billion euros, part of which Saham received in Teleperformance shares. Elalamy has served as Teleperformance's board chairman since August 2024, making him the first Moroccan to chair the board of a CAC 40-listed company.
The move comes as Morocco's call center and offshoring sector, where Teleperformance subsidiary Majorel employs thousands of workers, faces new regulatory pressure in France over telemarketing rules, making the growing weight of a Moroccan businessman on the French group's board a development closely watched by industry players.