Capgemini Acquires WNS Holdings

Capgemini SE is set to acquire WNS Holdings for $3.3 billion, aiming to bolster its artificial intelligence capabilities. The deal, unanimously approved by both boards, will see Capgemini pay $76.50 per share for WNS. This represents a 17% premium on the stock's closing price.

The acquisition is projected to increase Capgemini's normalised earnings per share by 4% in 2026 and 7% in 2027, factoring in synergies. Capgemini anticipates revenue synergies between €100 million and €140 million, with pre-tax run rate synergies for costs and operations reaching €50 million to €70 million annually by the close of 2027. The merger focuses on developing and implementing AI within the business process services sector, highlighting 'Agentic AI'.

WNS reported $1.27 billion in revenue for fiscal year 2025, with an 18.7% operating margin and an average revenue growth of approximately 9% over the past three fiscal years. The transaction, pending approvals, is expected to close by the end of the year. Capgemini secured €4 billion in bridge financing to cover the acquisition, funded by €1 billion in cash and the remainder through debt issuance.