WNS shareholders approve $3.3Bn acquisition by Capgemini
MUMBAI, INDIA and PARIS, FRANCE — Shareholders of WNS Holdings overwhelmingly approved the proposed acquisition by Capgemini, marking a pivotal development in the global outsourcing sector.
On August 29, 2025, a special court-ordered meeting resulted in approximately 99.9% of the shares voting in favor of the deal. It represented about 79.2% of the total outstanding shares.
The deal will see Capgemini acquire WNS for a cash price of $76.50 per share, with a total consideration of $3.3 billion, excluding WNS’s net financial debt. The transaction, pending customary closing conditions and regulatory nods, is slated to close before year-end.
In a statement, WNS CEO Keshav Murugesh welcomed the decision. “We are delighted with the outcomes of today’s Court Meeting and General Meeting, and we express our gratitude to our shareholders for their robust support of this transformative merger.”
“The collaboration between WNS and Capgemini will merge extensive domain expertise with advanced technologies, enabling our clients to unlock strategic value and gain a competitive advantage,” he added.
AI-labor clash and market concerns
The deal has ignited debate among industry analysts, who caution that Capgemini’s AI-driven strategy may clash with WNS’s labor-intensive model.
Capgemini’s “Intelligent Operations” vision was described as relying on advanced AI platforms and costly semiconductor-powered infrastructure, while WNS’s traditional BPO business still generates over 85% of its revenue from data processing and back-office services.
Analyst Victor Hale warned, “For investors, the risks of overvaluation, operational dissonance, and shifting market dynamics far outweigh the perceived synergies.” He added, “Merging AI-driven tech with labor-heavy BPO is akin to mixing oil and water.”
Strategic impact and market implications
The acquisition is set to create a global leader in “smart operations,” blending Capgemini’s technological infrastructure with WNS’s domain expertise in business process management.
Capgemini has described agentic AI as central to the deal, with ambitions to accelerate autonomous operational solutions for enterprise clients worldwide. Regulatory approvals are the final step before the merger is formally completed.
This transaction not only consolidates two powerful industry leaders but also signals increased investor confidence and transformation potential within the international outsourcing landscape.
WNS and Capgemini’s global reach
WNS Holdings operates as a global business process management provider. The company was founded in 1996 as a back-office captive for British Airways, quickly evolving into a multi-industry outsourcing specialist.
Today, WNS employs over 66,000 professionals across 65 delivery centers worldwide, offering services that include finance and accounting, analytics, insurance, customer care, and hyperautomation. WNS generated revenue of US$322.6 million in the second quarter, serving over 600 enterprise clients worldwide.
Capgemini, a French multinational consulting and IT services giant founded in 1967, is renowned for its extensive outsourcing, digital transformation, and engineering offerings.
With headquarters in Paris and a workforce exceeding 340,000 globally, Capgemini reported revenues of $12.9 billion in the first half of the year. Its services span cloud computing, AI, cybersecurity, digital engineering, and comprehensive outsourcing solutions, positioning it as a transformative partner for clients across industries. Capgemini leverages a broad geographic footprint and significant offshore resources, especially in India, to deliver cost-competitive solutions at scale.
Capgemini placed 5th in the OA500 2025, an objective index of the world’s top 500 outsourcing companies, while WNS ranked #22.
