Capgemini to acquire WNS for $3.3 bn in major BPM industry deal

Indian Express

2 days ago

In a landmark development in the IT services and business process management (BPM) space, French multinational Capgemini announced its acquisition of Mumbai-based WNS for $3.3 billion (over Rs 28,000 crore) in an all-cash transaction. The deal, priced at $76.50 per WNS share, offers a 28 per cent premium over the last 90-day average, 27 per cent over the 30-day average, and 17 per cent over the closing price as of July 3, 2025.
The transaction, unanimously approved by the boards of both companies, is expected to be accretive to Capgemini's normalized earnings per share by 4 per cent before synergies in 2026 and 7 per cent post-synergies in 2027. Subject to regulatory and shareholder approvals, as well as a green light from the Royal Court of Jersey, the deal is slated to close by year-end through a court-sanctioned scheme of arrangement.
WNS, a global BPM player, operates across three key headquarters—in Mumbai (global HQ), New York (North America HQ), and London (UK and EMEA HQ)—and has a strong presence in India with 25 delivery centres employing nearly 39,700 people. The company serves clients across diverse industries, delivering digital-led transformation solutions through highly automated platforms.
Shares of WNS (Holdings) soared by over 14 per cent on the New York Stock Exchange in the morning session on Monday. Institutional investors hold around 90 per cent stake in WNS.
The acquisition will expand Capgemini's capabilities in Digital BPS and Intelligent Operations. With investments in AI and strategic partnerships with Microsoft, Google, AWS, Mistral AI, and NVIDIA, Capgemini reported over euro 900 million in Gen AI bookings in 2024. The combined entity would have generated euro 23.3 billion in revenue with a 13.6 per cent operating margin in 2024, including euro 1.9 billion in Digital BPS revenue.
Capgemini CEO Aiman Ezzat said the acquisition positions the group to lead in Intelligent Operations, blending consulting, technology, platforms, and deep industry expertise. WNS CEO Keshav R. Murugesh echoed the sentiment, noting the shift from automation to autonomy as clients seek to embed AI into their operating models.
To finance the deal, Capgemini has secured bridge financing of euro 4 billion, covering the purchase price, WNS's gross debt, and the redemption of a euro 0.8 billion bond due in June 2025. It plans to refinance the bridge through a mix of existing cash and new debt issuance.
Both companies emphasized their cultural alignment and history of successful integrations, which they believe will ensure a smooth transition. The deal is set to create a global leader in Digital BPS, uniquely positioned to support enterprises in their transformation into AI-powered businesses.
'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 Keshav R. Murugesh, Chief Executive Officer of WNS.
WNS in India
Established by British Airways in Mumbai in 1996, WNS (Holdings) Ltd has grown into a major player in the global business process management (BPM) space, with India serving as the cornerstone of its operations. Headquartered in Vikhroli, Mumbai, WNS's Indian presence spans 25 delivery centres across the country and employs close to 40,000 professionals. These centres blend large-scale transaction processing with high-value, domain-specific services through dedicated centres of excellence, making India integral to WNS's global delivery strategy.
India contributes more than 50 per cent of WNS's global revenue, highlighting its critical role in the company's worldwide footprint. Key Indian cities such as Mumbai, Pune, Noida, Chennai, Bengaluru, Gurugram, Indore, Nashik, Visakhapatnam (Vizag), and Hyderabad host its major operations.
In March 2024, WNS significantly expanded in Hyderabad, opening a 60,000-square-foot facility in Nanakramguda. The centre, designed to support digital transformation for sectors including shipping and logistics, healthcare, BFSI, and high-tech, employs around 1,400 people and operates in multiple shifts.
The Vizag delivery centre exemplifies WNS's rapid growth in India. From fewer than 50 employees in 2012, the centre now houses over 3,300 staff, more than 2,000 of whom were added in just the past two years. It provides digital-first BPM services tailored to specific industries.
WNS's Indian operations also include centres of excellence in key domains such as analytics, insurance, banking, finance and accounting, healthcare, travel, and logistics. This domain-led, technology-enabled model reinforces India's role as the heart of WNS's global service delivery engine.
Who is Keshav Murugesh
Chennai-born Keshav Murugesh serves as Group Chief Executive Officer and Member of the Board of Directors of WNS. Based in London, Keshav is responsible for executing the business strategy and directing the overall performance and growth of the organization.
Murugesh took his BCom degree from Andhra University in 1984 and FCA from the Institute of Chartered Accountants of India (ICAI) in 1988.
He is the Chairman of The Confederation of Indian Industry (CII) UK India Business Forum (IBF). He has been closely associated with NASSCOM, the apex industry body for Indian IT and Business Process Management (BPM) companies, in various capacities — Chairperson of NASSCOM (2019-20), Chairperson of the Business Process Management (BPM) Council (2015-17), and currently, as a member of the National Executive Council.
Prior to WNS, he held several leadership positions in global companies, including President and CEO of Syntel Inc. and VP, Finance, ITC Ltd. (an affiliate of BAT Plc). Keshav is a social evangelist who introduced the first-ever Cyber Crime educational series for the Mumbai Police through WNS and NASSCOM. He is the Co-chief mentor of Kalpataru Center of Entrepreneurship (CoE), which was established under the guidance of Software Technology Parks of India (STPI) to promote innovation and entrepreneurship.