FRANKFURT, Sept 18 (Reuters) - German publisher Bertelsmann said on Tuesday it was merging its customer service business with that of its Moroccan partner Saham, opting for a global alliance rather than a sale as it restructures its sprawling portfolio.
Bertelsmann will fold its Arvato CRM subsidiary into a 50-50 joint venture with Saham’s own operation, creating a business with 1.2 billion euros ($1.4 billion) in revenues that employs 48,000 staff in 25 countries, it added.
Chairman and CEO Thomas Rabe put Arvato CRM up for sale at the beginning of the year, minus the French business it runs together with Saham. But, in the end, the German company opted to expand a relationship that dates back to 2004.
($1 = 0.8552 euros)
Reporting by Douglas Busvine; editing by Thomas Seythal