Big news in the tech world! French IT giant Capgemini just dropped a bombshell, announcing it’s acquiring WNS, a Mumbai-born, US-listed business process management (BPM) firm, for a cool $3.3 billion in cash. That’s about ₹28,280 crore! The deal, sealed at $76.50 per share, gives WNS a 17% premium over its July 3 closing price and a 28% bump over the 90-day average. Capgemini’s betting big on this one, and here’s why it’s a game-changer.
The deal’s all about AI—specifically, agentic AI, the kind that can act on its own to transform business operations. Capgemini’s CEO, Aiman Ezzat, says WNS brings “high-growth, margin-accretive” digital BPM services, perfect for building “Intelligent Operations.” WNS’s expertise in data analytics and BPO (think Coca-Cola, T-Mobile, and United Airlines as clients) meshes with Capgemini’s tech and AI prowess. Together, they’re eyeing a $1.5 trillion market opportunity, with WNS’s 600+ clients across 13 countries fueling cross-selling potential, especially in the US.
WNS, with $1.27 billion in revenue (FY25) and an 18.7% operating margin, has been growing at 9% annually. Capgemini expects the deal to increase its earnings per share by 4% in 2026 and 7% in 2027 after synergies. They’ve secured €4 billion in bridge financing to cover the purchase, WNS’s $0.4 billion debt, and a €0.8 billion bond redemption. The deal is set to close by year-end, pending shareholder and regulatory approvals.
But not everyone’s cheering. Some investors worry AI could shake up the staff-heavy BPO sector, potentially denting revenues. Morgan Stanley analysts note WNS’s scale might not move Capgemini’s $23 billion revenue needle much, adding just 5% to the top line. Capgemini’s stock dipped 5.5% on the news, reflecting market jitters. Still, WNS’s CEO, Keshav Murugesh, is pumped, saying the combo of WNS’s domain expertise and Capgemini’s global reach will “accelerate enterprise reinvention” with AI-driven solutions that could slash client costs by up to 40%.
This isn’t Capgemini’s first rodeo—think Altran ($4.1B) or iGATE ($4B). With WNS, they’re doubling down on AI and digital transformation, aiming to lead the pack in a world where businesses crave smarter, faster operations. Stay tuned—this one’s gonna reshape the IT-BPM game!
~ Notes ~
Deal size: $3.3B, excludes WNS debt
WNS clients: Coca-Cola, United Airlines, Aviva, 600+ total
Financing: €4B bridge loan
Expected close: End of 2025
Source: Inspired by Times of India, Reuters, Business Standard, Economic Times
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