Capgemini to acquire WNS for USD $3.3 billion in AI expansion
The purchase price of USD $76.50 per share represents a premium of 28% over the average share price in the last 90 days and 17% over the closing price on 3 July 2025. Both firms' boards of directors have unanimously approved the transaction, with closing anticipated by year-end, subject to regulatory and shareholder approvals.
Strategic rationale
According to Capgemini, the acquisition aligns with a growing trend among enterprises looking to transform end-to-end operations using Generative and Agentic AI, especially within business process services (BPS). The combined entity aims to capitalise on what both businesses describe as a paradigm shift from traditional BPS to intelligent, AI-driven operations. "Enterprises are rapidly adopting Generative AI and Agentic AI to transform their operations end-to-end. Business Process Services will be the showcase for Agentic AI. Capgemini's acquisition of WNS will provide the Group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations," comments Aiman Ezzat, Chief Executive Officer of Capgemini. "Together we will create a leader in Intelligent Operations, uniquely positioned to support organizations in their AI-powered business process transformation, blending the critical capabilities needed from consulting, technology and platforms to deep process and industry expertise. This will address the client needs for Agentic AI-driven process transformation to deliver efficiency and agility through hyper-automation while achieving superior business outcomes. WNS brings to the Group its high growth, margin accretive and resilient Digital Business Process Services, which is the springboard to Intelligent Operations, while further increasing our exposure to the US market. Immediate cross-selling opportunities will be unlocked through the integration of our complementary offerings and clients. I am looking forward to welcoming the WNS global team to Capgemini."
Keshav R. Murugesh, Chief Executive Officer of WNS, also highlighted the significance of integrating AI deeper into operational frameworks:
"As a recognized leader in the Digital Business Process Services space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients. Organizations that have already digitized are now seeking to reimagine their operating models by embedding AI at the core—shifting from automation to autonomy," said Murugesh. "By combining our deep domain and process expertise with Capgemini's global reach, cutting-edge Gen AI and Agentic AI capabilities, a robust partner ecosystem, and advanced technology platforms, we are creating a powerful proposition that accelerates enterprise reinvention. WNS' complementary portfolio of horizontal and industry-specific solutions will significantly enhance Capgemini's rapidly growing Business Services footprint, enabling next-generation, data-driven operations across sectors. Just as importantly, our shared values, cultural alignment, and complementary client relationships ensure a seamless integration—unlocking exciting opportunities for innovation, co-creation, and growth across all stakeholder groups."
Timothy L. Main, Chairman of the WNS Board of Directors, underscored the transaction as a milestone for WNS and cited the opportunities for both clients and employees.
"WNS and Capgemini share a bold, future-focused vision for Intelligent Operations. I'm confident that Capgemini is the ideal partner at the right time in WNS' journey to extend our capabilities, accelerate innovation, and establish a leadership position in this rapidly evolving market," said Main. "This marks a pivotal chapter in WNS' growth—enhancing the resilience and agility of our clients through advanced AI-driven solutions, creating sustained value for our investors, and opening up new avenues for our employees to thrive within a global technology powerhouse."
Financial impact and integration
On a financial basis, Capgemini has secured bridge financing totalling EUR €4.0 billion, with plans to refinance through available cash and new debt issuance. The deal is projected to be accretive to Capgemini's normalised earnings per share by 4% prior to synergies in 2026, rising to 7% with synergies by 2027. Revenue synergies are estimated between EUR €100 million and €140 million annually by the end of 2027, while cost and operating model synergies are anticipated to reach EUR €50 million to €70 million per year within the same timeframe.
Combined, the two organisations would have generated EUR €23.3 billion in revenue at a 13.6% operating margin in 2024, based on published information.
Capgemini expects the integration to be smooth, citing both companies' shared values and cultural alignment, as well as Capgemini's record of successful past integrations. The merger will further strengthen Capgemini's global business services, especially in the US market where WNS has a strong presence.
Market context and future outlook
WNS, which reported revenues of USD $1,266 million and an 18.7% operating margin in fiscal year 2025, has focused on providing digital-led BPS solutions to clients in eight industries. The company has achieved approximately 9% constant currency revenue growth on average over the last three fiscal years. Capgemini believes that combining WNS's industry-specific expertise with its own consulting and AI capabilities will allow the enlarged group to support organisations seeking end-to-end transformation through advanced technologies and platforms.
Both companies say the acquisition will enable them to address rapidly-growing demand for AI-driven business process redesign, which is increasingly prioritised by enterprises aiming to improve efficiency, agility and business outcomes. With market analysts and Capgemini's clients reportedly recognising the group's leadership in AI and business transformation, the acquisition of WNS is expected to reinforce Capgemini's role as a partner to organisations on similar transformation journeys.
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