Good day. Welcome to Teleperformance Announces Proposed Acquisition of Majorel. Please note this call is being recorded, and for the duration of the call, your lines will be in listen-only. You will have the opportunity to ask questions, and this can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you'll be connected to an operator. I will now hand over to Daniel Julien, the CEO. Please go ahead. Thank you very much. Thank you. Good morning, good afternoon to everybody. It's a great day for us today because we are here to announce and to explain the extension of the Teleperformance business. This extension in size and in the quality of the extension is transformative for Teleperformance. This is the information about the integration of Majorel into the Teleperformance family. Typically, we consider at Teleperformance that our main limits are our own limits. Here we are welcoming a fantastic company managed by a strong professional team, and we are, of course, extending our power, extending our ability to serve all around the world globally, our large customers. I'm very happy specifically because Teleperformance leadership is made of talented quad, a young generation that we are always super keen to integrate into Teleperformance. With this management team and the Teleperformance management team, we are going to build our future together. you know, we have two conviction. First, we are a people business. We are a people business, enhanced, augmented by IT. You know our mantra: high touch, high tech. High touch is attentive listening, care, reassurance to make sure that the client remain happy and loyal. High tech is fast access to the accurate information. How do we value a company? In fact, a company is valued by the quality of its management team, by the quality of its client base, and by the quality of its business model. For us, Majorel matches these three boxes. Very important to say that we share the same values. We are deeply convinced that our clients are going to be extremely satisfied of this combination. Of course, Thomas, the CEO of Majorel and his leadership team are going to be a fantastic addition to the global leadership of Teleperformance and to what I call the winning team. There is a lot of complementarities between the two groups. We are going to explain that a little bit later. I have to say that it's great also to see that some major Majorel shareholders decided to continue the journey with us and to join us in building this ever-stronger leadership. One more time, we are a company made of a global melting pot, rich of its difference, of its diversity. This acquisition helps us to be strong in key markets where we were not necessarily strong. Now we are going to go directly to the presentation. Can we pass to next slide? Okay, we can pass the disclaimer. Next, please. Yes. What are we talking about? It's a voluntary public takeover offer to acquire all outstanding shares of Majorel. The price is at EUR 30 per share for a consideration, a global consideration of EUR 3 billion. The Majorel shareholders will receive EUR 2 billion in cash and EUR 1 billion in Teleperformance shares. The mix of cash and shares, of course, has been capped in terms of shares. The majority shareholders of Majorel, Bertelsmann and Saham Customer Relationship Investment, and Saham Outsourcing Luxembourg, together Saham, have each irrevocably committed to tender their shares in Majorel to receive between 1/3 and 42% of their stake in Teleperformance shares. The supervisory board and the management board of Majorel have welcomed the transaction, of course, the transaction is subject to the usual regulatory approval and is expected to close between Q4 2023 and Q1 2024. Next, please. What are the rationale? First, a complementary position across key geographies. Teleperformance is strong in the Americas, strong in European multinational, multilanguage, solutions, extremely strong in India. Majorel is strong in Europe, specifically on the French market, a key market, specifically on the German market. Majorel is strong in Africa. Together, Majorel presence and Teleperformance presence in Asia is going to make us the leading non-Asian company in the Asia territory. It clearly deepens the expertise of the group in some industry vertical, and we have a highly diversified client portfolio. Teleperformance has 1,000 clients, Majorel has 500 clients. Some clients are the same, and they are going to be very happy of this consolidation. Some clients are different. Majorel has some very large clients served, for example, in Europe, but not in the Americas. Okay, I don't need to explain how we can take advantage of that. Teleperformance may have some global relationship with clients, but have difficulty to serve them at full capacity in Germany, for example, which is one of the key market of the world. The list is long and long and long. It's also the industry vertical is, for example, Majorel can be very strong in the luxury good customer service and customer experience management. Teleperformance has no experience in that specific vertical. Third, it enhance our digital transformation capabilities and services. Majorel has already its platform, Majorel X. Teleperformance has TAP. Joining the two platform first is going to represent a business that will be over EUR 100 million in pure digital transformation solution building and consulting. It's also many additional smart head here to serve our clients in the multiple geographies. Of course, Majorel is going to take advantage of the strength of Teleperformance in India. You know how much India is our main engine to help to deliver a professional high-quality service at the best price point in the world, in English mostly. I said it, we increased the management debt. This is, to me, the most important thing, because a company as large as it can be is made by the quality of the leadership. We could not find better quality than the leadership that we have been interacting with in the recent weeks. There is also, of course, we have the same values, we share the same vision. We know that the outsourcing of digital integrated business service market is going to continue to grow. We are going to be. Clearly, we are already, but we are going to be even more the global leader to serve the global companies on this market in a seamless way and making the providing of solution for our clients simpler, faster, better, more cost-effective. Another point is the fact that, clearly, when you join two such companies, there are cost synergy potential. At this stage of signing, of course, no integration plan is done. We respect the law, but we can estimate that the synergies will add over EUR 100 million-EUR 150 million to the bottom line. It's a win-win deal also. It was a win deal for the Majorel shareholder, but it's also a win deal for Teleperformance. It's an accretive transaction even without the synergy. And of course, with this acquisition, we already achieved our 2025 objective. We are going to reset with Majorel at closing a new aggressive four-years plan. Next, please. This is our cube. You know, we slice and dice the world by industry vertical, by line of expertise, line of services, and by geographies. In the geographical footprint, very simple. Strength of Majorel in Europe, strength of Teleperformance in the Americas and India. With the merger, the two will scale up of a leading presence in Asia Pac and in Africa, where we should be around 45,000 people in multiple country. Expansion of our digital integrated business service. We continue to develop scales and capabilities in trust and safety, which is so critical for the future of humanity. The social media are not going to disappear. The, the virtual world is expanding. The virtual world is as complex as the real world. You need regulator, you need gatekeeper, you need a, a virtual police. Already together, already separately, Majorel and Teleperformance are significant actor here. Clearly, being together, we are going to be a top leader for any, for any client in the vertical, in the social media, in the virtual world, in the metaverse, in the e-commerce, in terms of trust and safety, because there are multiple declination in this business. I said it, we are broadening our portfolio of digital transformation capabilities with the ability to design, to fully design the customer experience journey and solutions. On that, Majorel has a team that we are going to put into action the day of closing at a much higher level. Yes, we strengthen our expertise in multiple diversified client portfolio. Next, please. Next slide, please. Oh, thank you. Okay, I'm not going to spend too much time on this slide except to show you that we cover the world. I think there is a mistake when I see Australia and New Zealand, because, yes, we do not have a physical presence in Australia and New Zealand due to the cost and so on, but we already serve a major client in Australia and New Zealand, either from India or from the Philippines. As you can see, the world is well covered. On the slide, on the right side, this is more or less the competitive landscape. I think that Concentrix announced the reddish, the merge with Webhelp, announced that they were planning to be something around $9 billion or something like that in 2023. 2023, we should be around $12 billion. The difference is more or less 1/3. There is nothing else to say except that we are accelerating our growth and accelerating our margins. Next, please. Next, please. If I remember well, I'm very happy to give the floor to Thomas Mackenbrock, the CEO of Majorel. Thomas. Thanks, Daniel. First of all, let me say also warm welcome from my side. It's really a pleasure being with you today, and it's really a pleasure, as Daniel said, to be here with the team around the table. I really deeply convinced that this step is a transformative move, as Daniel said. Transformative in a sense that the room that we are entering together is a room that would have not been possible for each one of our own. We are really creating an unparalleled platform that allows us to really provide opportunities first and foremost for our clients, for our team members, our shareholders, for all the stakeholders involved. Before we go into that, let me just take a brief look for those of you who don't know Majorel so well, what Majorel is all about. Majorel is already today a tech-enabled global CX BPO platform. We are privileged, I have to say, to serve more than 500 blue-chip clients around the world. We're present in 45 countries. We are doing this by really combining three things. First and foremost, human talent. We have more than 82,000 team members around the world, and being a good home for talent is key, is the foundation. Daniel called this the high human touch. No? The high touch, and this is key because that's the basis that makes the difference every day. Second combination is next to human talent, is technology. We also believe that augmenting our human talent with technology is key and will be of increasing importance. Being at the cutting edge of technology is essential to provide services and value to our clients. The third element we always believe is process, because mastering the process, being excellent in what we do is key. Because combining human talent with technology only works if you have the domain expertise, if the process know-how to do this every day a bit better. That's why we have the slogan, "Driven to go further." As you can see, this is not just a tagline, but a mission for us every day. If we go to the next page, you have a quick snapshot of what we do. Daniel already said it, we are honored to take care of the most valuable asset of our client, their relationship with their customers, with their end customers. In this relationship management, we really see from a holistic perspective end-to-end covering front-end services, the classical customer interaction services, covering related business process services in the areas of trust and safety, vertical BPO services, integrating front and back-end services, which is key. Thirdly, that is of increasing importance, the area of digital transformation services, what we call tech and expert services. Having this end-to-end spectrum plus the broader capabilities from TP, I really believe is quite unparalleled because it's going beyond what you might consider as a CX, but really providing a holistic digital business services for our clients. Majorel, as you will also see on the next chart, is really founded on two strong pillars. On the one hand, we serve what we call global internet clients. That's a broad spectrum of technology companies, social networks, digital retailers, where we are really proud that it has been a focus since inception of Majorel, and it's half of our net revenue. The other strong pillar is our exposure, our client base across multiple verticals: banking, insurance, automotive, consumer goods, telco, utilities, government services. I can go on and on. Having this diversified and strong client portfolio, in particular in EMEA, I think that combining these two would be quite an unparalleled scope that we can offer. Second thing, and that's, those of you who know Majorel, since we did our public listing in Amsterdam in 2021 was always our strategic focus. We have a very strong base in EMEA. We are one of the leading players in EMEA and Africa and in the Middle East. Expanding further to the global English market, to Asia, has been a strategic imperative for us, and we're essentially, with this proposed transaction, taking a quantum leap here. Lastly, just to give you a quick snapshot, the history, as you know, the future always starts every day. The past, if you look on the next page, if we could move to there, it's just the reflection of the work that we have done. We have been. Let's say the outcome of our work day to day has been also reflected in the numbers. As you can see, we have demonstrated since inception 2019, you see here the last year's double digit like-for-like growth and also an expansion in our operating EBITDA numbers. As I said, these numbers are the outcome of hard work every day. As I say, you need to hone the machine every day a bit to continue on this journey. With this, back to you, Daniel. Thank you. Next slide. I think I'm going to pass to Olivier, the Chief Financial Officer of the group, delegated CEO, who is going to explain the numbers. Yeah. Good morning, good afternoon to all. just quick slide to show you where the group is going to land on, based on 2022 figure. Here you have the figure of TP for 2022 and those for Majorel, and you have the total combined for 2022 in term of net revenue and EBITDA. We just add on top of that what we call, what we believe is, achievable amount of synergy between EUR 100 million-EUR 150 million over the next two year, two or three year. This is going to push dramatically the EBITDA to a 21.9% versus for the full group once the synergy I would say, realized. As a whole, we do believe that we are absolutely sure that the business will be accretive in first year before synergy. Once the synergy will be totally expanded and also all developed, the accretive will be much more than that, close to more than double digits, double-digit pro forma on a run rate cost synergy. That is the level of the P&L. I'm not even speaking here about any sales synergy or revenue synergies that are not, of course, taking account at this stage. Let's move now to clarify two or three things on the deal. First of all, just to be clear for all, for the questions that you may have, this is offer is in cash. There is a... For everybody, but the two major shareholder, meaning Saham and Bertelsmann, irrevocably committed to follow a third through share, to a total share of value of EUR 1 billion, 4.6 million of share. The EUR 2 billion are financed through a syndicate of different banks that we have the money of EUR 2 billion that is committed to secure the financing. When you put that together, if you project beyond 2022 and once the deal will be over in 2023 pro forma, the group will be able to deliver leverage of 1.8 pro forma EBITDA 2023 roughly. That means that the group will be still in a position to of course, to live with this debt, but to continue to move on the M&A strategy. Exactly, we maintain a significant financial flexibility. We expect the BBB rating to remain unchanged. We will have a robust capital structure and strong cash generation that will give us financial flexibility for further growth opportunity. We are going to continue our dividend policy with a 35% payout ratio for the next year. That is the deal. I hope it's clear for you. This is a deal that is going to be, of course, I would say achieved during hopefully the third quarter or first quarter of this year, and we'll be able to now to answer the question with, all the team here. Thank you, Olivier. This conclude our initial presentation. One line, we are building a stronger, better version of ourselves by enlarging the talent pool of the leadership of this group. Thank you very much. We are ready for your questions. Thank you. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question from the queue, it's a star two. Again, please press star one to ask a question. We will take the first question from Simona Sarli from BofA. Please go ahead. Yes, good morning, gentlemen, thanks for taking my questions. I will take one by one, please. First of all, you both have quite elevated client concentration. Would you please comment across the top 20 clients, how much overlap do you have between Teleperformance and Majorel? What do you think the risk of potential revenue, these synergies is here? That's the first one. Thank you. I can take it. Let's, yeah. Let's be clear. For a business service company, if you compare ourselves to the competition, we are probably the less concentrated company in the world. I remind you that Teleperformance major client is significantly less than 4% of our business and so on. Having said that, yes, among our top 20 clients, we have several joint clients. In all cases, there is no one, no specific cases where suddenly we become so large that 1+1 would make less than 2. Right now, we start to get, after the confidentiality period, we start to get the first reaction of our clients, and they are extraordinarily pleased. I'm going to explain to you why. Our key clients are major multinational clients. Themselves are in the process of consolidating their partner because it's too demanding for them to manage a different partner, different culture, different modus operandi and so on. Specifically now that we are in the economic environment that you know, our clients really. Of course, they are not going to put all their eggs in the same basket, but really are looking for simplification. In the vast majority of the case, it's going to be perceived very positively. If it would have an impact, I think it's going to have a positive impact versus a negative impact. But Thomas. Nothing to add. I mean, obviously, we cannot disclose our client names, the feedback after the announcement in the last hours was really overwhelmingly positive. That's why it's encouraging to see that our clients, who's actually the fundament of our business, see and put merits to this potential combination. Thank you. My second question is, again, more related to cost synergies. You have mentioned in your press release EUR 100 million-EUR 150 million. If you can clarify if that is entirely cost synergies or if there are also baked in some revenue synergies. Secondly, what is the phasing of this EUR 100 million-EUR 150 million, and how much you are assuming in terms of cost to implement those synergies? Then I will have another one. Thanks. You know what? We are two public company, and we are two law-abiding company, and there are very strict regulation in such process in which, when you are at the time of the signing, you are absolutely not allowed to start to build a specific detailed integration plan. That's the first point. This will be the next step. Having said that, the estimated synergy that we say are almost obvious, extremely reasonable. Of course, it's eliminating double cost synergy. It has nothing to do with revenue synergies. The potential revenue synergies and so on, are going to feed our growth in the future, but they are not in the synergy here. The phasing, we will go as fast as we can, but as slow as we need in order to make sure that we make a smooth transition. Finally, the cost of the synergy, I think it's not reasonable to estimate that it will be more or less one year of synergy. As you see, the ROI is extremely high. Any comment? No, no comment. What you have said is clear. It's cost synergy. Of course, we do believe that the implementation of the synergy will be done between two or two years and a half, and the cost of synergy is roughly maximum one year of the low end of the fork of this synergy figure. Thank you. Lastly, On, first of all, a clarification on when is the deal expected to close? Initially you said Q4 of 2023 and Q1, later on it was mentioned Q3, Q4. Just this clarification. A question more related to your digital expertise. You mentioned that one of the key points of doing this acquisition is that you will strengthen your digital portfolio. Can you provide a little bit more color here and maybe give some examples? Thanks. The timing, we are not the master of the clock. The timing will depend on how fast we will get the clearance from the respective authorities, antitrust authorities. Should not be raising issue, but there is a timing that belong to them and not to us. Frankly speaking, if you have seen in one communication Q3, Q4, and in the other one Q4, Q1, it shows how much uncertainty about the timing exists. It's not a big uncertainty, but it can be three months more, three months less, nobody knows. Now, an example about our extended digital capacities, I'm going to let Thomas start to answer and maybe I will add something after. As you maybe think about digital capabilities, there are two big areas. One is, as Daniel said earlier, areas where we provide digital transformation services to our clients. In a sense, generate digital revenues by providing either expertise or digital tools to our clients. That's one. The other element is having digital capabilities in-house, if you will, that allows us to constantly improve and transform our own operation through automation tools, through analytic tools, through process enhancement tools, augmenting our people. In both areas, I really see a lot of potential. If you look at the expertise, the breadth, the scale in particular, of TP that has in this second element, providing competence in-house to improve your operation, I think honestly, we can learn a lot and complement each other of providing the tools. On the other hand, with the revenue generating the first one, as you know from our numbers, we have roughly 8%-9% of our revenue in tech and expert service, which we would expect, obviously, to enhance further through the complementary Daniel said earlier. Yes. The only thing that I may add is don't forget that we have our big brain factory in India. We have a strong presence in India, not only to deliver customer experience service, but we have a center of excellence team, developers, tech, IT developer, data analyst, Six Sigma process, in a center of excellence that exists. We are already, even before the deal, expanding specific in several places, but I am thinking right now specifically in Hyderabad. Clearly, the whole family is going to take advantage of that. Thank you. We will now take the next question from Antonin Baudry from HSBC. Yes, good afternoon, everyone, and thank you for taking my question. I would have a first question about the deal itself. This is the first time since a long time that you finally you buy an asset in your core business. Would you say that this deal is a defensive in the current environment? When did you begin to negotiate this deal? Was it a competitive deal? This is my first question. Thank you. You know as you can imagine, I'm not going to give you the whereabouts of negotiation. Clearly, no, it's not a defensive deal. We have nothing to do to be defensive at Teleperformance. It's an offensive deal. It's a real offensive deal. Somehow...but I like your comparison. Where the second time we do something significant in our core business. The first time was obviously Intelenet in India. And somehow, yes, of course they are different but somehow you can expect us confirmative power in this deal. It's a super offensive deal. Teleperformance at its best when we are extending our [audio distortion] with people who are like us and when the team is stronger and bigger to take care of the market. Thank you. My second question is about the management structure when the acquisition will be closed. Do you have an idea of the new management structure of the group? Clearly, first, again, we are constrained by law. We do not have the legal possibility to even discuss that. Now, I'm going to tell you my feeling. The management structure, when this is going to happen, the management structure of the new family, as usual, will integrate the best of the best of the two components. Okay. I see that Bhupender Singh is not on this call. Is it a sign of something or? Yes. Bhupender. Bhupender. Bhupender. Bhupender. Bhupender. Yeah, yeah. Come on. Come on. Come on. Come on, Come on. Come on, Bhupender. He's here. He's here. I told you. I you. I wanted him to present. He's here. The screen was too small. Unfortunately, the computer is small, and Bhupender told us, "No, we cannot present four," and so on. He's here, of course. Okay. Okay. I have a last question. Will it be possible to know the interest rate that you target to finance this deal? Thank you. Let's take a figure around, 4.5%, 4.5%. Thank you very much. You're welcome. The next question comes from Oscar Val Mas from JPMorgan. Yes. Good afternoon, everyone. Thanks for taking my question. The first one, I think going back on the previous question, just on the background of the deal. Just to check, have you been able to do due diligence on the Majorel business? Specifically in content moderation, have you been able to look at their business? That's the first question. The second question is, I guess, from a Teleperformance point of view, you were talking about M&A yesterday in kind of different end markets. Is there still the ambition to do more M&A, or are you kind of closed for now? I guess the final question may be for Thomas. If we look at the growth and margin outlook, Teleperformance is talking about margin expansion. At Majorel, the outlook is for some margin pressure. Should we think about the deal being an opportunity to lead to more offshoring into or to improve the cost base at Majorel? Thank you. Maybe you want to answer first, and then I will answer to the part. Sure. As I know Oscar very well, he's a very sensitive answer. Please, please. I think you already gave the answer to your question. I think one aspect, as you rightly said, learning from each other and benefiting once the deal is closed from the enhanced scope and scale, offshore delivery, global network, but also capabilities to come together is clearly one of the rationales, also far from our perspective, no? Obviously, combining the different strengths and the different scopes, allows us also to improve margin. Obviously, then this is more thinking on a standalone basis, but on a combined basis through a combination of both assets. Yeah, Oscar, you already gave the answer to your question. Then, uh- Sorry. On this third, on this topic, you know what? As usual, when you make a marriage, is the same thing. Each part want to bring the best on the common table. Each of us have some characteristics that the other doesn't have necessarily, and we are going to take advantage of that. Having said that, again, we respect the law, the... The law is extremely strict in the process. We are two public companies, so we had the possibility to make the due diligence on publicly available data. You know what? Honestly, we know Majorel as a competitor for a long time. We know exactly what is it we know. I mean, our internal intelligence team based in India, by the way, knows pretty exactly the position of our competitors in the different key clients and so on. On trust and safety, I want to tell you something. Specifically on trust and safety, our major clients are highly congratulatory. They are extremely happy without any exception. That's an information. Now, the question about, Is it over and whatever? First, as long as we are alive, nothing is over. You know us, we are at the same time cautious-but offensive. Clearly, we are going to spend our time to make sure that our common integration is the smoothest and the most successful possible. We don't think it's going to be difficult because we share so much the same business culture that we think it's going to be very easy. Olivier told you, okay, we are at the end of 2023. What is the leverage of the group after closing? 1.8 x EBITDA. We are far from being super leveraged. What does it mean? Of course, we are going to continue to make acquisition. Of course, we are looking at additional capacity, talents and so on. We are building a major... Why do I say that? In 2023, at the end of 2023, we will be around $12 billion revenue with a very healthy business model. This is just the base, the platform to build, to have a new four-years plan and to build a major business service company for the world. Great. Thank you. I hope. Thank you. Yeah. We will now take the next question from Nicole Manion from UBS. Please go ahead. Hi, everyone. Thanks for taking my question. I know this has already been touched on, but I just wanted to sort of follow up on it, because you obviously haven't actively pursued deals for other global contact centers for, I guess, nearly a decade now, focusing instead on what you can do in specialized services. What actually has changed in your thinking? Is it the kind of recent M&A that we've seen in the space and that consolidation and the desire to still be number one in terms of scale, or is it something else? Anything you could say there would be really useful. Thanks. First, clearly, we have not changed anything in our strategy. The fact that, in this specific case, we are not in what we call this niche market specialist service, first might be explained by the size of Majorel, which is not exactly a niche player. When we acquired several years ago, Intelenet, with different proportion, but it was not neither a niche player. It's not because we are building our specialized service and niche services that at the same time we do not take care of the expansion, the healthy expansion of our core services. You know, the recent deal that we made in November 2022, so December, January, February, March, April. Five months ago was in the specialized services. The next deal that we will make, I don't know when, 2023 maybe, you know, it depends on the opportunity. To make a deal, you need to be two, exactly like in a marriage. So, will be or will not be in the specialized services. Everybody knows our interest for, yes, the niche market, but everybody knows also our interest for the digital solutions. In fact, we have, we have been building super capacities internally, but if we find externally, we will be happy to take advantage of them. We have been building internally GPT solutions to help our customer associates to deliver faster, smarter services. By the way, we use it. It's used for several years, way before everybody got the frenzy of that. It's in use at Teleperformance for several years with some of our clients. What do I want to say? No, there is no change in strategy. This is again an offensive deal because Majorel is strong in places where Teleperformance is not strong. Teleperformance is strong in places where Majorel is not strong. It presents a lot of advantage to be together. Great. Thank you for that. We will now take the next question from Anvesh Agrawal from Morgan Stanley. Hi. Good afternoon. If I can ask my questions one by one, please. First, obviously, have you had a chance to discuss the deal with the unions, given you probably need to take some costs out at a future date, and we obviously had a lot of issues with the union recently. Wondering if you had to have any interaction and what their reactions are. That's the first one, if you can answer? First, I may respectfully disagree with the fact that we had a lot of issue with the unions. I agree with you that there has been a lot of noise being made on that. In fact, there was a few elements that needed to be adjusted. We signed a global agreement with the unions early December. Since then, I think our relationship is very, very transparent and positive. If I may say, we even have in the board of Teleperformance a representative of the European Worker Council, excuse me. I can tell you that this deal has been voted at the absolute unanimity in the board of Teleperformance, including by the representative of the workers of Teleperformance. There might be a misconception in the global agreement that we signed with UNI Global. The global agreement that we signed with UNI Global was to facilitate the possibility to associate of the worker, which in fact was not an issue with us because we had signed the UN Global Compact in 2011. To find a mechanism to resolve our issues rather than to go to a public confrontation. It was not at all on any inflation factor because the labor negotiations remain labor negotiation country per country. By the way, to finish, whether Majorel or Teleperformance, we have a strong presence in Europe, where the unionization percentage is higher than in other places of the world. For Teleperformance for Majorel, I would be unable to tell you, but I mean, 40% of the countries where we are, we have union representatives and so on. Everything goes much better than the noise of the press. It seems that sometimes it's good to say bad things because it helps some businesses. The light is not as, black and white as you perceive it. I really don't think that the unions will have any negative perspective on that. I can tell you the representative of the workers at Teleperformance have a very positive perception of this. Okay. That's very clear. The second question I had, I appreciate you cannot give a lot of details around the synergies, but you did mention a few things in the release around internal efficiencies and, you know, scale. At least can you give us, like, what would be the biggest bucket within the synergies that you are targeting? Is it taking the head cost, headcount out, or is it property? If you can give us some color around that, I think that would be very useful. We have three targets, of course, indirect costs and management costs at some in some country level or some site level. That is we are looking to that. This is an issue, a potentiality. The second step is of course, IT, whether it's infrastructure, procurement or licensing. Lastly, there are some other costs on the fact that there are some costs are miscellaneous. I'm speaking of the size of the group. Of course, obviously, the cost of listing of Majorel is going to disappear. Of course, there will be we will be bigger to speak for some provider, whether it's IT, whether it's insurance, whether it's management. There are different topics on which we believe that this EUR 100 million-EUR 150 million savings target seems clearly achievable. Which- It doesn't depend on one source, no? Yeah, yeah. It's across different buckets, different countries, different cost items. of course- Sorry. No. In fact, the process that will be done will be clearly a benchmark of the two that will be done when we will be legally allowed to do it, will be a benchmark about the two companies and whether it's external contract or internal organization and so on, and optimization. Let's be clear. If you take the global group together, we are going to be in SG&A, what? Above EUR 2 billion. When we speak about EUR 100, we will be above EUR 100 and EUR 150, EUR 125, more or less we will be around 5% of synergies. 5% of synergies coming from different angles. I mean, IT, premises. Procurement. yeah, procurement, negotiation power with multiple stakeholder, disappearance of some double costs, will make it pretty easy. Yeah, that is super clear. Finally, just sort of on the, on the digital capabilities that you're going to get with this acquisition. I think at the beginning of the presentation, Daniel, you mentioned that the combined business has about EUR 100 billion of digital expert services revenue, and that is sort of not even 1% of the combined group. Just wondering like where really you're getting the digital capability. I can appreciate the expansion in the new geographies that comes in, the digital capability part is still slightly less clear, if you can expand on that. Yes. I like your question because it's a true question. I mean, it's a question, it's a fundamental question. For us, and it's very interesting because Majorel has been more focused to clearly market its digital capacities on the market. They generate a certain amount of revenue with their digital capacities. For Teleperformance, we have been much more focused at utilizing our digital capabilities internally to help us to sell more or to deliver better. Doesn't mean that we have not sold our solutions on the market, but it has been almost anecdotal. Anecdotal. Anecdotal. Finally, even when you consider this anecdotal approach and Majorel, it makes something like EUR 100 million. It's not a lot, I agree. I totally agree with you. Clearly, is. This is where Teleperformance is going to take advantage of the expertise of Majorel, because clearly we are going to develop a strong, and this is our next step, a strong digital arm, digital service arm. This is going to be done by the launch that is in process of many of the best practices of Teleperformance as a service. Which should become an additional line of business for Teleperformance to serve the in-house market. The combination of the digital consulting of Majorel and of the TP as a service or TP Inside, we call that TP Inside, you know, in reference to a famous sentence 20 years ago. Clearly, if I connect your question to a precedent question, there are a lot of chance that the next external move, expansion of Teleperformance, will be focused on that. There is something which is very important for you to have in mind, when we come to our business model, is that the digital, the direct digital revenue that we generate from the digital consulting service is totally disproportionate in size, so very little, versus the enabling that this digital service generates for our core business. You know, it's like the... If you take a weapon, it's like the spearhead of the weapon. The mass and the size is really disproportionate versus the weapon. It is critical. If I may add just one point, because digital is often perceived everything and nothing. Here we're just talking about the digital consulting and transformation services. What we consider also digital is, for instance, our marketing solution, our consumer engagement platforms, our digital solutions for the banking and insurance industry. These are revenue streams that are outside the numbers Daniel mentioned earlier. If you look at the entire digital solution spectrum, it goes way above the EUR 100 million. Cool. That's way clearer. Thank you. We have still question? Yes. We'll take the next question from Suhasini Varanasi from Goldman Sachs. Please go ahead. Hi, good afternoon. Most of the questions have been answered. Just a couple left, please. To issue the equity to fund the deal, do you still need the shareholder approval or has it been given already? Thank you. We don't need shareholder approval. Thank you. Do you anticipate any concerns around antitrust, maybe in specific countries where you have a high market share? I'm guessing the answer is no, but just want to clarify. Thank you. No. No, no. That's fine. The answer is no. Thank you. Thank you. We will now take the next question from Ben Wild from Deutsche Bank. Please go ahead. Hi. Thank you very much. Three questions from me. We've spoken a lot already about digital capabilities. I just wanted to discuss from the conversation yesterday where you mentioned the idea that 20%-30% of volumes could be automated over the coming years. Can you just explain how this deal will help you to navigate this disruption in the industry? I think that it's not the deal in itself that it will help us to navigate. It's a combination of smartness and efficiency that we will provide to our clients that will help us to navigate. If I give you an example of something that happened two weeks ago. Our team had a presentation with the transformation team of a major European bank. We focused mostly on our digital solutions, obviously, for the bank and on our GPT product with the TPIP layer providing the security. The result of the meeting was, first, that the people were extremely impressed by the level of maturity and advance somehow that we had versus what they were expecting. It happened that same night, I had a dinner with the CEO of this major European bank, where was the Head of Transformation. The comment that the Head of Transformation made was, "Wow, Daniel, if the market knew what you have in Teleperformance in terms of digital solutions, your multiple would be doubled." Yes, it's an anecdote, but it's a true anecdote. They were witnesses there. This is the answer to how we are going to navigate, because we are already navigating. If I may, the 20%-30% that we disclosed yesterday during the earnings call, during the sales call, was just to show that every year for the last 10 years in a row or five years in a row, I don't know, everything is moving each year. Meaning that the product that we are developing, that we are selling, that we are proposing to a client, has nothing to compare that what we were selling five years ago. It's an ongoing process. ChatGPT or all that stuff that now come on live and on the screen on your mind, that was exactly happening before with automation, with the robotic process automation, with all that stuff that you were not even thinking to it. You know, there is a saying in the university, is that when you are a doctor, when you finish your courses, half of what you have learned is already obsolete because things change fast. It doesn't change the fact that you are a doctor, that you have updated your knowledge, and that you will have to continue to update and transform your knowledge. This is what we are. We are a company in permanent motion because we serve the most sophisticated companies of the world. Maybe, because the beauty, if you look at the past, technology has really allowed, I think, our industry in general to move up, to get more complex, to face new challenges, how to integrate technology into BPO services, how to augment our human talent better, how to develop new services. It's not either/or, but it's both. Technology was really the transponder that allowed us also to develop these services that we offer today, combining both. Things are not fixed, things are not not moving. That's something which is important to understand. Okay. Okay. Just, if I may, just ask one more final question. Yeah, please. Specifically on Majorel, which is a business that was publicly listed in 2021, and publicly engaged with M&A discussions with a competitor last summer. Just interested, you've mentioned consistently on the call that nothing has changed, but what has triggered your interest in the company today versus opportunities potentially in the past? Thanks. Really, you know, the beauty of the life, and again, I'm sorry, I'm almost an old man. When I say almost, it's because, you understand? You are a bachelor. You decide to be a bachelor because you prefer to have different dates and so on. One day, you are introduced to somebody who match exactly your values, your sense of purpose, your vision. Maybe you could have met this person a year ago, two years before. Maybe you were ready, maybe you were not ready, maybe you were focused on something else. This is the life. This is the beauty of the life. Even with the smartest computer, we are never going to change the fact that the life is also made by the fact to be with the right people at the right time, with the common and right expectations. I know that I don't answer to your question was why it was not last year, but because last year I was doing something else. That's it. There too. If I may. Uh, but- Thanks very much. I return your question for your life when you make a decision to this year and not the year before. As there are no further questions, I would like to hand back over to Mr. Julien for any closing remarks. No. First, I thank you very much for your presence and for your questions. That were very interesting and gave us the opportunity to better explain this deal. I, I really hope that the market will understanding. Sometimes the market doesn't understand long-term strategy. Sometimes it understand immediately. We will see. What we are sure is that our strategy is a winning strategy. By the way, by the way, I'm extraordinarily happy also to welcome in our top shareholders, former major shareholders of Majorel, because they are people that we highly appreciate also. Thank you very much. Thank you. That will conclude today's conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.