Capgemini, the French tech and consulting giant, has announced a definitive agreement to acquire US-listed WNS Holdings Ltd. in a $3.3 billion (€2.8 billion) deal aimed at strengthening its footprint in the artificial intelligence (AI) and business process services (BPS) sectors.
The acquisition, revealed in a joint statement on Monday, will see Capgemini offer $76.50 per share in cash for WNS, representing a 17% premium on WNS’s closing share price last Thursday. The transaction value does not include WNS’s outstanding financial debt.
Capgemini expects the acquisition to significantly enhance its earnings, forecasting a 4% boost in earnings per share (EPS) by 2026 on a normalized basis, with the figure rising to 7% in 2027 as operational integration is completed.
The move aligns with Capgemini’s strategy to scale its AI and intelligent operations capabilities. The company anticipates generating between €100 million and €140 million in annual revenue synergies by the end of 2027, along with €50 million to €70 million in pre-tax annual cost and operating efficiencies.
“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,” said Aiman Ezzat, CEO of Capgemini. “Immediate cross-selling opportunities will be unlocked through the integration of our complementary offerings and clients.”
WNS, a global business process management company, operates 64 delivery centers across the globe and employs nearly 65,000 people. Its client base includes major multinationals such as Coca-Cola, T-Mobile, and United Airlines.
The deal has received unanimous approval from the boards of both companies and is expected to close by the end of 2025, pending shareholder and regulatory approvals in key jurisdictions.
Capgemini is seeking to deepen its presence in the US market, where WNS has a strong client network, and bolster its AI-driven service offerings amid increasing global demand for digital transformation and automation.
Despite the strategic rationale behind the deal, Capgemini’s shares fell 3.5% on Monday morning, trading at €140.10 as of 10 a.m. CEST, reflecting some investor caution over the size and scope of the acquisition.
If completed, the acquisition would mark one of Capgemini’s largest deals in recent years and underscore its commitment to staying at the forefront of AI and business services innovation.
