Regulatory News:
Teleperformance (TP) (Paris:TEP), a global leader in digital
business services, today announced that it has entered into a
definitive agreement to acquire ‘ZP Better Together’ (ZP), a
fast-growing leader in providing language solutions and technology
platforms to the deaf and hard of hearing community in the United
States, from Kinderhook Industries, a US private investment firm.
ZP will become part of TP’s Specialized Services company
LanguageLine Solutions and broaden its offering through the
addition of critical services. This acquisition will further
strengthen LanguageLine Solutions’ position as the largest company
of its kind in the world.
This acquisition is in line with the Group’s development
strategy to further strengthen its Specialized Services division.
The new entity combining LanguageLine Solutions and ZP will offer
an enhanced services portfolio, coupled with innovative technology
solutions, to a larger base of clients, offering potential revenue
synergies.
Moreover, it further enhances the projected growth,
profitability and cash generation of the TP Group while preserving
its strong balance sheet and credit rating.
Headquartered in Austin, Texas, ZP has supported communications
access and societal equity for the deaf and hard of hearing
community for nearly 25 years. It offers a comprehensive suite of
innovative solutions, advanced technology platforms, and skilled
interpreters, all three elements seamlessly integrated to provide
essential support to this community. Its mission is deeply aligned
with the core values of TP Group, which is dedicated to help people
in their day-to-day lives.
ZP has delivered a double-digit growth annual rate over the last
7 years and is expected to generate more than US$230 million in
revenues in 2024.
Thomas Mackenbrock, TP’s Group Deputy CEO, states: “ZP
serves as an outstanding enhancement to our existing LanguageLine
Solutions business. I am delighted to extend a warm welcome to the
entire ZP team, whose capabilities will complement and enhance our
ability to serve our clients. The development of our Specialized
Services is a core pillar of our strategy. As we accelerate the
integration of AI solutions across all our services, we remain
equally committed to the ongoing value-enhancing development of our
Specialized Services. These services are designed to address highly
specific demands that require critical knowledge and distinctive
expertise, while ensuring long-term value and meaningful
impact.”
Scott W. Klein, CEO of TP’s Specialized Services, said:
“It is my great pleasure to welcome the ZP team to LanguageLine
Solutions, part of TP’s Specialized Services, where they will
benefit from the investment, focus and attention this business and
the community they serve so richly deserve. I am thrilled that
Sherri Turpin, President and CEO of ZP, has agreed to join our
executive leadership team. The great work and dedication that
Sherri and her team have brought to this business is what attracted
us to this powerful acquisition. Enabling the deaf and hard of
hearing to communicate effectively with the hearing world provides
an essential service. Serving this community is a responsibility we
take very seriously.”
Sherri Turpin, President and CEO of ‘ZP Better Together’,
said: “At ZP, we are committed to innovative, accessible and
equitable communications solutions, and we are proud to be the
leading provider of video relay services for the deaf and hard of
hearing communities. As we join forces with LanguageLine Solutions,
we are proud to align with an organization that shares our mission,
principles and the same high standards of excellence that continue
to set ZP apart. We look forward to combining our expertise and
resources to further our collective goal of fostering meaningful
connections for everyone, and we are thrilled to be a part of the
Teleperformance family.”
“ZP has achieved incredible milestones since our partnership
began in 2015, and it has been an honor to support their journey,”
said Chris Michalik, Managing Director of Kinderhook
Industries. “As ZP transitions to this next chapter under
Teleperformance, I am confident their mission and values will
continue to thrive. This moment marks a seamless passing of the
baton to a partner who shares their vision and is committed to
equitable and accessible communication services.”
The purchase price of this transaction is US$ 490 million,
subject to customary adjustments. The parties have agreed not to
publicly disclose specific details of the transaction. However, TP
can confirm that the terms of the transaction fully comply with the
Group’s financial criteria in terms of valuation multiples and key
performance indicators. The transaction is projected to be
accretive to TP’s earnings per share, before purchase price
allocation, from year 1.
The acquisition fully meets TP’s capital allocation priorities,
focused on long-term value creation with strong cash returns. The
transaction is expected to close in early 2025, subject to
customary regulatory approvals. It will be financed fully through
debt. The Group expects a debt leverage ratio below 2x EBITDA at
the end of 2024 and 2025.
Jefferies served as exclusive financial advisor to ZP on its
sale to TP. Latham & Watkins are acting as legal advisors and
Grant Thornton are providing tax advisory services to TP in
connection with the transaction.
###
DISCLAIMER All forward-looking statements are based on
Teleperformance management’s present expectations of future events
and are subject to a number of factors and uncertainties that could
cause actual results to differ materially from those described in
the forward-looking statements. For a detailed description of these
factors and uncertainties, please refer to the “Risk Factors”
section of our Universal Registration Document, available at
www.teleperformance.com. Teleperformance undertakes no obligation
to publicly update or revise any of these forward-looking
statements.
WEBCAST / CONFERENCE CALL WITH ANALYSTS AND INVESTORS
Tuesday, November 26, 2024 at 6:15 p.m. CET The
announcement of the acquisition will be presented at virtual
meeting on Tuesday, November 26, 2024 at 6:15 p.m. CET. The
presentation will be available live or for delayed viewing at:
https://channel.royalcast.com/landingpage/teleperformance/20241126_1/
All the documentation related to the announcement is available on
http://www.teleperformance.com at:
https://www.teleperformance.com/en-us/investors/publications-and-events/other-events/
INDICATIVE INVESTOR CALENDAR 2024 Full-Year Results:
February 27, 2025 First-quarter 2025 Revenue: April 29, 2025
ABOUT TELEPERFORMANCE GROUP Teleperformance (TEP –
ISIN: FR0000051807 – Reuters: TEPRF.PA - Bloomberg: TEP FP), is
a global leader in digital business services which consistently
seeks to blend the best of advanced technology with human empathy
to deliver enhanced customer care that is simpler, faster, and
safer for the world’s biggest brands and their customers. The
Group’s comprehensive, AI-powered service portfolio ranges from
front office customer care to back-office functions, including
operations consulting and high-value digital transformation
services. It also offers a range of specialized services such as
collections, interpreting and localization, visa and consular
services, and recruitment process outsourcing services. The teams
of multilingual, inspired, and passionate experts and advisors,
spread in close to 100 countries, as well as the Group’s local
presence allows it to be a force of good in supporting communities,
clients, and the environment. In 2023, Teleperformance reported
consolidated revenue of €8,345 million (US$9 billion) and net
profit of €602 million. Teleperformance shares are traded on the
Euronext Paris market, Compartment A, and are eligible for the
deferred settlement service. They are included in the following
indices: CAC 40, STOXX 600, S&P Europe 350, MSCI Global
Standard and Euronext Tech Leaders. In the area of corporate social
responsibility, Teleperformance shares are included in the CAC 40
ESG since September 2022, the Euronext Vigeo Euro 120 index since
2015, the MSCI Europe ESG Leaders index since 2019, the FTSE4Good
index since 2018 and the S&P Global 1200 ESG index since
2017.
For more information: www.teleperformance.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20241126212837/en/
FINANCIAL ANALYSTS AND INVESTORS Investor relations and
financial communication department TELEPERFORMANCE Tel: +33 1 53 83
59 00 investor@teleperformance.com
PRESS RELATIONS Europe Karine Allouis – Laurent
Poinsot IMAGE7 Tel: +33 1 53 70 74 70 teleperformance@image7.fr
PRESS RELATIONS Americas and Asia-Pacific Nicole
Miller TELEPERFORMANCE Tel: +1 629-899-0675
tppublicaffairs@teleperformance.com
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