Synopsis : Capgemini is set to acquire WNS for $3.3 billion in an all-cash deal, creating a global leader in Digital BPS and Intelligent Operations. The acquisition expands Capgemini’s AI-led capabilities, cementing its position as enterprises race toward autonomy and AI-powered models.
In a landmark BPM and IT services industry move, French multinational Capgemini will acquire Mumbai-headquartered WNS for $3.3 billion (over Rs 28,000 crore) in an all-cash transaction. The deal, priced at $76.50 per share, offers a 28% premium over WNS’s last 90-day average, with the boards of both companies giving unanimous approval. Subject to regulatory and shareholder clearances, the deal is expected to close by the end of 2025 through a court-sanctioned scheme of arrangement.
Shares of WNS surged over 14% on the NYSE following the announcement, reflecting strong market confidence, with institutional investors holding nearly 90% of the company. The acquisition is projected to be accretive to Capgemini’s normalized EPS by 4% in 2026 and 7% post-synergies in 2027.
WNS, founded in Mumbai in 1996 by British Airways, has grown into a global BPM powerhouse with nearly 39,700 employees across 25 Indian delivery centres and regional headquarters in New York and London. India, contributing over 50% of WNS’s global revenues, remains the core of its digital-first BPM strategy, with major operations across Mumbai, Pune, Noida, Chennai, Bengaluru, Gurugram, Indore, Nashik, Vizag, and Hyderabad.
Capgemini’s strategic investment aligns with its AI-driven transformation ambitions, having secured over euro 900 million in Gen AI bookings in 2024 and maintaining deep partnerships with Microsoft, Google, AWS, Mistral AI, and NVIDIA. The combined entity would have generated euro 23.3 billion in 2024 revenues with a 13.6% operating margin, including euro 1.9 billion in Digital BPS revenues.
Keshav R. Murugesh, CEO of WNS, emphasized the industry’s shift from automation to autonomy as enterprises embed AI deeply into their operating models. Capgemini CEO Aiman Ezzat highlighted the cultural alignment and operational synergies, positioning the group to lead in Intelligent Operations globally.
Capgemini will finance the transaction through euro 4 billion in bridge financing, later refinanced with a mix of cash and new debt issuance, covering the purchase price, WNS’s gross debt, and the redemption of a euro 0.8 billion bond due June 2025.
This acquisition marks a defining moment for the BPM industry, paving the way for next-generation, AI-powered operations while reinforcing India’s central role in global technology and business process services delivery.
Disclaimer : This article is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before making investment decisions.
