Capgemini pauses $2.8Bn WNS acquisition talks amid market volatility
PARIS, FRANCE — Capgemini SE, the French IT and consulting giant, has paused talks to acquire WNS Holdings Ltd., a global outsourcing firm headquartered in Mumbai, according to sources familiar with the matter.
The negotiations reportedly stalled due to heightened market volatility, despite previously being in advanced stages.
The potential acquisition would have deepened Capgemini’s footprint in business process outsourcing (BPO) and reshaped the IT services landscape. However, with uncertain market conditions, deliberations for the $2.8 billion deal have been shelved for now. Talks could still resume if the market stabilizes, the sources noted, though no timeline has been provided.
Market reaction and financial impact
Investors responded swiftly to the news. WNS shares fell as much as 11% in U.S. trading on Friday—their steepest intraday drop since October 2024—before recovering slightly to a 3.9% loss by mid-morning.
The dip brought the company’s market capitalization to approximately $2.5 billion. Capgemini shares also edged down 0.7% in Paris, giving it a valuation of €25.2 billion ($28.5 billion).
Profiling Capgemini and WNS
Capgemini, with a market capitalization of about €22.2 billion ($24.7 billion), is a major player in IT services, consulting, and digital transformation. The company, which placed 5th in the OA500, operates in over 50 countries and specializes in cloud services, software engineering, and enterprise technology integration.
Meanwhile, WNS Holdings provides business process management, data analytics, and digital transformation services to over 600 clients worldwide—including Coca-Cola, T-Mobile, and United Airlines.
WNS operates in more than 13 countries, including major delivery centers in India, the United States, the United Kingdom, South Africa, and the Philippines. The firm recently acquired Houston-based Kipi.ai to bolster its AI and analytics capabilities.
Led by CEO Keshav Murugesh, WNS competes with global IT service providers like Cognizant and Genpact by leveraging a cost-effective offshore model and advanced data solutions.
WNS ranked #22 in the newly launched OA500 2025, an objective index of the world’s top 500 outsourcing companies.
