French IT services giant Capgemini has agreed to acquire Indian‑origin BPM firm WNS in an all‑cash deal worth $3.3 billion. The move, expected to close by the end of 2025, marks a strategic bet on AI‑powered business operations.
Deal Overview
Capgemini will pay $76.50 per share for WNS, a 17% premium over its closing price on 3 July 2025, and a 28% premium over its 90‑day average. The transaction excludes WNS’s debt and was unanimously approved by both companies’ boards.
Strategic Rationale
According to Capgemini’s official statement, the acquisition of WNS will create a global leader in Agentic AI-powered Intelligent Operations. Capgemini CEO Aiman Ezzat said:
“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.”
He further noted that WNS brings high-growth, margin-accretive, and resilient Digital Business Process Services, which align strongly with Capgemini’s strategic ambition to help clients digitally transform their operations using AI, data, and cloud at scale.
This move strengthens Capgemini’s ability to deliver end-to-end, AI-first transformation solutions, especially in complex and regulated industries such as banking, healthcare, insurance, and travel.
WNS: Global Footprint and Strategic Value
WNS was founded in 1996 in Mumbai as a captive unit of British Airways and became independent in 2002.
WNS operates with three global headquarters in Mumbai, New York, and London and serves over 700 clients worldwide. It has more than 64,000 professionals across 64 delivery centres in 13 countries, offering services across sectors such as travel, insurance, BFSI, manufacturing, retail, logistics, healthcare, and utilities.
Commenting on the deal, WNS CEO Keshav R. Murugesh said the next wave of transformation in business services will be led by intelligent, domain-centric operations. He added that combining WNS’s process and industry expertise with Capgemini’s AI capabilities and global reach creates a strong foundation to deliver next-generation, data-driven operations across sectors.
Financial & Operational Gains
- WNS brings annual revenue of about $1.2 billion and an operating margin of roughly 18.7%.
- Under the merger, the combined operating margin is expected to be around 13.6%. Capgemini anticipates additional revenue contributions of €100–140 million and cost savings of €50–70 million by the end of 2027.
- The acquisition is expected to boost Capgemini’s earnings per share (EPS) by 4% in 2026 and 7% by 2027.
Wider Market Impact
The acquisition signals consolidation in the BPM and IT services space. Industry analysts note that integrating AI may threaten traditional BPO models even as it offers higher value in intelligent automation. The merged entity will also improve Capgemini’s competitive edge over rivals like Accenture and the Big 4 consultancy firms.
Next Steps
Subject to approvals from Jersey’s Royal Court, WNS shareholders, and global regulators, the deal is expected to be completed by late 2025. Upon completion, WNS shares will be delisted from the NYSE, and the firm will be integrated into Capgemini’s Global Business Services division.
Conclusion
The Capgemini-WNS merger reflects a clear shift toward AI‑driven BPM services. By combining domain‑deep WNS with Capgemini’s global scale and AI investments, the new entity aims to lead in Intelligent Operations. As the industry braces for further automation, this deal may redefine competitiveness across IT and consulting.
Purbalee Dutta
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