United States-based business services company Concentrix Corporation and Webhelp, a consultancy company headquartered in Paris, announced they will merge in a $4.8 billion transaction that will include net debt.

Concentrix shareholders will own 78% of the combined enterprise, while Webhelp stockholders will end up with the remaining 22% after the agreement is materialized.

The combined firm is expected to have $9.8 billion in "pro forma 2023 annual revenues" and "will be uniquely positioned to grow faster than the market and transform customer experiences with innovative technology for the world's best brands," according to a statement issued by Concentrix.