Capgemini (Euronext Paris: CAP), a global leader in business and technology transformation, has announced a definitive agreement to acquire WNS (NYSE: WNS), a renowned digital-led business transformation and services provider. Under the terms of the agreement, Capgemini will purchase WNS for $76.50 per share in cash—representing a 28% premium to WNS’ 90-day average share price, 27% to the 30-day average, and 17% to the last closing price on July 3, 2025. The deal is valued at approximately $3.3 billion, excluding net financial debt, and has received unanimous approval from both companies’ Boards of Directors.
This strategic acquisition positions Capgemini as a leader in Digital Business Process Services (BPS) and Intelligent Operations, combining Capgemini’s end-to-end consulting and technology expertise with WNS’ deep domain knowledge and sector-specific AI solutions. The combined capabilities will accelerate the adoption of Agentic AI-powered Intelligent Operations, a critical shift as global enterprises embrace generative AI to drive hyper-automation, efficiency, and superior business outcomes.
A Transformative Vision for Intelligent Operations
Capgemini CEO Aiman Ezzat highlighted the deal’s strategic importance:
“The paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations creates a massive opportunity. Our acquisition of WNS will enable us to blend consulting, technology, and platforms with deep industry expertise—helping clients reimagine their processes to achieve agility, efficiency, and better outcomes.”
Keshav R. Murugesh, CEO of WNS, added:
“Organizations are now moving beyond digitization to autonomy by embedding AI at the core of their operating models. Together with Capgemini’s global reach and advanced AI capabilities, we’ll deliver intelligent, domain-centric operations that unlock strategic value for our clients.”
Strengthening Capgemini’s Position in Digital BPS
WNS has a proven track record in Digital BPS, combining industry expertise with AI, technology, and analytics to deliver highly automated, resilient solutions. WNS serves blue-chip clients like United Airlines, Aviva, Centrica, and McCain Foods across eight industries. The company reported revenue of $1.27 billion in fiscal year 2025 with an 18.7% operating margin and has achieved consistent revenue growth of around 9% CAGR over the past three years.
The combined Digital BPS revenues of Capgemini and WNS will reach approximately €1.9 billion in 2024, significantly strengthening Capgemini’s Business Services footprint and expanding its exposure to the high-growth U.S. market.
Unlocking Immediate and Long-Term Value
The integration of Capgemini’s and WNS’ complementary offerings will unlock substantial cross-selling opportunities and provide clients with end-to-end capabilities for AI-powered business process transformation. Capgemini expects the transaction to be accretive to normalized EPS by 4% in 2026 before synergies and by 7% post-synergies in 2027.
Capgemini anticipates revenue synergies of €100–140 million by the end of 2027, with operating cost synergies expected to generate an annual pre-tax run-rate of €50–70 million by the same period.
Leading the Paradigm Shift to Agentic AI
The acquisition reflects the rapidly growing demand for Intelligent Operations, a new class of business process services that leverages generative and agentic AI for hyper-automation and end-to-end process transformation. As clients shift focus from incremental efficiency gains to full-scale AI-driven autonomy, Capgemini and WNS are well-positioned to deliver transformative solutions aligned with this evolving market.
Capgemini’s significant investments in AI—backed by partnerships with Microsoft, Google, AWS, Mistral AI, and NVIDIA—will be instrumental in building a leadership position in Intelligent Operations. The company has already secured over €900 million in Gen AI bookings in 2024, demonstrating strong client confidence in its AI capabilities.
Transaction Details and Timeline
The acquisition will proceed through a Court-sanctioned scheme of arrangement under Jersey law and remains subject to approval by WNS shareholders, the Royal Court of Jersey, regulatory clearances, and other customary conditions. The transaction is expected to close by year-end 2025.
Capgemini has secured bridge financing of €4 billion for the acquisition and related obligations, with plans to refinance through available cash and debt issuance.
Outlook Remains Solid
Capgemini reaffirmed its 2025 financial targets, excluding this acquisition:
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Revenue growth of -2.0% to +2.0% at constant currency,
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Operating margin of 13.3% to 13.5%,
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Organic free cash flow of approximately €1.9 billion.
