French IT giant Capgemini to acquire WNS in $3.3Bn deal
PARIS, FRANCE — French IT and consulting giant Capgemini has announced the acquisition of WNS, a digital-led business transformation and services company, in a move set to create a global powerhouse in Agentic AI-powered Intelligent Operations.
The transaction, unanimously approved by both companies’ boards, values WNS at $76.50 per share, a 28% premium to its 90-day average, and totals $3.3 billion in cash, excluding net financial debt.
The deal is expected to close by the end of 2025, pending regulatory and shareholder approvals.
Aiman Ezzat, CEO of Capgemini, stated, “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.”
He added, “Together we will create a leader in Intelligent Operations, uniquely positioned to support organizations in their AI-powered business process transformation.”
Strategic rationale and value creation
The acquisition is immediately accretive to Capgemini’s revenue growth and operating margin, with expected normalized EPS accretion of 4% in 2026 and 7% post-synergies in 2027.
The combined entities would have generated €23.3 billion ($27.3 billion) in revenue at a 13.6% operating margin in 2024.
Capgemini expects to realize revenue synergies of €100–140 million and cost synergies of €50–70 million ($59-82 million) annually by the end of 2027.
WNS CEO Keshav R. Murugesh remarked, “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.”
Company profiles and global reach
Capgemini is a global business and technology transformation partner with 340,000 employees in over 50 countries. The company reported €22.1 billion ($26 billion) in revenue for 2024 and offers end-to-end services spanning strategy, design, engineering, AI, cloud, and data.
WNS specializes in digital business process services, blending domain expertise with technology and AI. In fiscal year 2025, WNS generated $1.27 billion in revenue with an 18.7% operating margin.
The company employs 64,505 professionals across 64 delivery centers in countries including Canada, China, Costa Rica, India, Malaysia, the Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, the UK, and the US.
Capgemini placed 5th in the OA500 2025, an objective index of the world’s top 500 outsourcing companies, while WNS ranked #22.
The acquisition was first reported in April. However, a month later, the negotiations reportedly stalled due to heightened market volatility, despite previously being in advanced stages.
