Capgemini has entered into a definitive agreement to acquire WNS, a digital-led business transformation and services company, in a deal valued at $3.3 billion in cash, excluding WNS’s net financial debt. Under the agreement, Capgemini will pay $76.50 per share—a 28% premium over WNS’s 90-day average share price, 27% over the 30-day average, and 17% over the July 3, 2025 closing price.
The acquisition aims to bolster Capgemini’s capabilities in intelligent operations powered by agentic AI. The deal is expected to be accretive to Capgemini’s normalized earnings per share (EPS) by 4% in 2026 before synergies and 7% in 2027 after synergies are realized.
The transaction has received unanimous approval from the Boards of Directors of both Capgemini and WNS.
Capgemini stated that WNS brings high-growth, margin-accretive, and resilient Digital Business Process Services to the Group—acting as a springboard for expanding into Intelligent Operations. The acquisition also strengthens Capgemini’s footprint in the US market. The company emphasized that integrating their complementary services and client bases will create immediate cross-selling opportunities.
The acquisition will establish Capgemini as a global leader in Digital Business Process Services (BPS), combining deep horizontal and vertical process expertise with a strong international presence. With combined 2024 revenues of €1.9 billion in Digital BPS, the move enhances Capgemini’s ability to support clients across their business and technology transformation journeys.
The complementary strengths of WNS and Capgemini are expected to generate immediate cross-selling opportunities, while also laying the groundwork for expanding capabilities in the high-growth Intelligent Operations market.
Both Capgemini and WNS are already at the forefront of Intelligent Operations. Capgemini brings strengths in consulting-led end-to-end process transformation, advanced AI technologies, and BPS platforms, while WNS contributes industry-specific, AI-led solutions—recently bolstered by its acquisition of Kipi.ai to enhance data, analytics, and AI capabilities.
Their combination is set to accelerate leadership in Intelligent Operations, offering unmatched scale and capabilities spanning strategy and transformation consulting, sectoral expertise, AI platforms, and deep technology stacks.
This merger also builds on Capgemini’s substantial investments in AI, including training, strategic offerings, and partnerships with Microsoft, Google, AWS, Mistral AI, and NVIDIA. With over €900 million in generative AI bookings in 2024 and consistent recognition by leading analysts such as Forrester, IDC, and ISG, Capgemini is well-positioned as a transformation partner for enterprises aiming to become AI-powered.
Based on 2024 figures, the combined companies would have posted €23.3 billion in revenue at a 13.6% operating margin. The deal is projected to deliver 4% accretion to Capgemini’s normalized EPS in 2026 (before synergies), growing to 7% in 2027 with the benefits of revenue and cost synergies. Revenue synergies are expected to reach €100–140 million by end-2027, while cost synergies are projected at €50–70 million annually.
Quick Take
Capgemini’s acquisition of WNS is a bold strategic move to cement its leadership in the AI-powered digital operations space. By combining WNS’s domain-specific process expertise with Capgemini’s tech and AI muscle, the deal accelerates the shift toward Intelligent Operations. It reflects a growing industry trend: enterprises are no longer just automating tasks—they’re redesigning core functions around AI. This merger is not just about scale; it’s about readiness for an agentic AI future where operational intelligence is a competitive advantage.
