Capgemini announced on July 7, 2025, that it has entered into a definitive agreement to acquire WNS Holdings Ltd. for $3.3 billion in an all-cash transaction. The French IT services giant will pay $76.50 per WNS share, representing a 28% premium over the 90-day average share price and a 17% premium over the July 3 closing price.
The acquisition strategically addresses the paradigm shift from traditional Business Process Services (BPS) to Agentic AI-powered Intelligent Operations. Capgemini CEO Aiman Ezzat emphasized that "enterprises are rapidly adopting Generative AI and Agentic AI to transform their operations end-to-end" and that "Business Process Services will be the showcase for Agentic AI."
WNS brings significant strengths to the table with its deep domain expertise across eight industries, particularly in financial services and healthcare. The company serves over 600 clients including United Airlines, Aviva, and Coca-Cola, and has demonstrated strong growth with approximately 9% constant currency revenue growth over the last three fiscal years, reaching $1.27 billion in revenue for FY2025 with an 18.7% operating margin.
The combined entity will have approximately €1.9 billion ($2.1 billion) in Digital BPS revenues, creating a powerful proposition for enterprise clients seeking AI-driven transformation. Capgemini expects the acquisition to be immediately accretive to its revenue growth and operating margin, with normalized EPS accretion of 4% before synergies in 2026, increasing to 7% after synergies in 2027.
This acquisition follows Capgemini's significant investments in AI, including strategic partnerships with Microsoft, Google, AWS, Mistral AI, and NVIDIA. The company generated over €900 million in GenAI bookings in 2024 and sees this acquisition as strengthening its position as a transformation partner for businesses looking to become AI-powered companies.
The transaction, unanimously approved by both companies' boards of directors, is expected to close by the end of 2025, subject to regulatory approvals. While investors initially reacted cautiously, with Capgemini's shares falling around 5% following the announcement, analysts note the strategic importance of disrupting business process outsourcing with generative and agentic AI capabilities.