Capgemini to acquire WNS for $3.3bn

September 2025 | DEALFRONT | MERGERS & ACQUISITIONS

Financier Worldwide Magazine

September 2025 Issue

Consulting and technology services firm Capgemini has announced that it has agreed to acquire IT outsourcing company WNS Holdings Ltd in a deal valued at $3.3bn.

Under the terms of the agreement, Capgemini will pay $76.50 per WNS share. This represents a premium of 28 percent over the 90-day average share price, 27 percent over the 30-day average, and 17 percent over the closing price on 3 July 2025.

The transaction has been unanimously approved by the boards of directors of both Capgemini and WNS and is expected to close by the end of 2025, subject to regulatory approvals and customary closing conditions. The $3.3bn valuation excludes WNS’s net financial debt.

Capgemini expects the acquisition to increase its normalised earnings per share by approximately 4 percent in 2026, rising to 7 percent in 2027 following the integration of operations. The French firm anticipates generating additional annual revenues of €100m to €140m by the end of 2027 through revenue synergies. Cost and operating model synergies are projected to reach €50m to €70m per year, before tax, by the same date.

The acquisition aligns with Capgemini’s strategy to expand its capabilities in artificial intelligence (AI). WNS provides business transformation services that combine industry knowledge, business process management, technology, analytics and AI expertise to deliver differentiated outcomes. Operating across eight industries, WNS uses automated platforms to improve business performance and maintains long-term contracts with recurring revenue streams. Its clients include United Airlines, Aviva, M&T Bank, Centrica and McCain Foods.

“Enterprises are rapidly adopting Generative AI and Agentic AI to transform their operations end-to-end,” said Aiman Ezzat, chief executive of Capgemini. “Business Process Services will be the showcase for Agentic AI. 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.

“Together we will create a leader in Intelligent Operations, uniquely positioned to support organizations in their AI-powered business process transformation, blending the critical capabilities needed from consulting, technology and platforms to deep process and industry expertise,” he continued. “This will address the client needs for Agentic AI-driven process transformation to deliver efficiency and agility through hyper-automation while achieving superior business outcomes.”

“As a recognised leader in the Digital Business Process Services space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients,” said Keshav R. Murugesh, chief executive of WNS. “Organisations that have already digitised are now seeking to reimagine their operating models by embedding AI at the core – shifting from automation to autonomy.

“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. WNS’ complementary portfolio of horizontal and industry-specific solutions will significantly enhance Capgemini’s rapidly growing Business Services footprint, enabling next-generation, data-driven operations across sectors,” he added.

“WNS and Capgemini share a bold, future-focused vision for Intelligent Operations,” said Timothy L. Main, chairman of the WNS board of directors. “I’m confident that Capgemini is the ideal partner at the right time in WNS’ journey to extend our capabilities, accelerate innovation, and establish a leadership position in this rapidly evolving market. This marks a pivotal chapter in WNS’ growth – enhancing the resilience and agility of our clients through advanced AI-driven solutions, creating sustained value for our investors, and opening up new avenues for our employees to thrive within a global technology powerhouse.”

Richard Summerfield