Capgemini to Acquire WNS in $3.3 Billion Landmark BPM Sector Deal

In a significant development in the IT and Business Process Management (BPM) sector, French multinational Capgemini has announced the acquisition of WNS (Holdings) Ltd, a Mumbai-based global BPM company, in an all-cash deal worth $3.3 billion (₹28,000+ crore). The deal values each WNS share at $76.50, representing a premium of 28% over its 90-day average. The transaction, approved unanimously by both companies’ boards, is expected to enhance Capgemini’s earnings by 4% in 2026 and 7% by 2027 after synergies. Completion is subject to regulatory and shareholder approvals and is anticipated by year-end, via a court-sanctioned arrangement through the Royal Court of Jersey.

Founded in 1996 by British Airways, WNS has grown into a leading BPM firm, with global headquarters in Mumbai and regional HQs in New York and London. The company employs nearly 39,700 people across 25 delivery centres in India, contributing over 50% of WNS’s global revenue. Its service offerings span industries such as healthcare, finance, logistics, and insurance, using domain-centric digital platforms and AI to drive business transformation. Cities including Mumbai, Pune, Noida, Chennai, Bengaluru, Hyderabad, and Visakhapatnam (Vizag) host its major delivery hubs.

Notably, WNS’s Vizag centre grew from fewer than 50 staff in 2012 to over 3,300 employees in 2024, reflecting rapid expansion. The Hyderabad centre opened a 60,000 sq ft facility in March 2024, employing around 1,400 people across multiple shifts to cater to sectors like shipping, logistics, BFSI, and high-tech. WNS’s domain-led, technology-enabled model has made India the heart of its global operations.

The acquisition significantly enhances Capgemini’s Digital BPS and Intelligent Operations capabilities. With growing investments in artificial intelligence (AI) and partnerships with Microsoft, Google, AWS, NVIDIA, and others, Capgemini reported over €900 million in Gen AI bookings in 2024. If combined, Capgemini and WNS would have recorded €23.3 billion in revenue in 2024, with a 13.6% operating margin, and €1.9 billion from Digital BPS alone.

Capgemini CEO Aiman Ezzat stated that this acquisition positions the company as a leader in Intelligent Operations, blending consulting, technology, platforms, and deep industry knowledge. WNS CEO Keshav R. Murugesh, also praised the move, highlighting the shift in client demand from automation to autonomy, with AI at the core of operational models.

To fund the acquisition, Capgemini secured a €4 billion bridge loan, covering the purchase price, WNS’s gross debt, and the redemption of a €0.8 billion bond due in June 2025. The bridge will be refinanced through cash reserves and new debt issuance. Both firms highlighted strong cultural alignment and successful prior integrations to ensure a smooth transition.

Keshav R. Murugesh, born in Chennai and based in London, is WNS’s Group CEO and a notable figure in India’s IT-BPM industry. He is a Chartered Accountant from ICAI and holds a BCom from Andhra University. Murugesh has held leadership roles in Syntel Inc. and ITC Ltd., and has been involved with NASSCOM, CII UK-India Business Forum, and STPI’s Kalpataru Center for Entrepreneurship. A social innovator, he launched India’s first Cyber Crime education series with the Mumbai Police.