Paris
Capgemini’s $3.3 Billion Acquisition of WNS Creates a Global Leader in AI-powered Intelligent Operations with €4 Billion Bond Financing
1. Acquisition Overview
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Capgemini completed the acquisition of WNS on October 17, 2025.
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The acquisition price was $76.50 per WNS share.
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Total cash consideration for WNS was $3.3 billion, excluding WNS’ net financial debt.
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WNS specializes in digital-led business transformation and services, leading in Digital Business Process Services (BPS).
2. Strategic Importance
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The deal creates a global leader in Agentic AI-powered Intelligent Operations.
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Capgemini aims to leverage AI to transform clients’ end-to-end business processes.
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Combining Capgemini’s AI, technology, and transformation expertise with WNS’s industry knowledge and platforms.
3. Financial Highlights of the Acquisition
| Parameter | Value | Notes |
|---|---|---|
| Acquisition Price | $76.50 per WNS share | Final cash consideration |
| Total Cash Consideration | $3.3 billion | Excludes WNS net financial debt |
| 2024 Capgemini Revenue | €22.1 billion | Pre-acquisition revenue |
| Bond Issuance Amount | €4.0 billion | To finance acquisition & refinance |
| BPS Revenue (Capgemini) | €700 million | Before acquisition |
| BPS Revenue (WNS) | €1.2 billion | Before acquisition |
| Combined BPS Revenue | Nearly €2 billion | Post acquisition |
| Operating Margin (WNS) | 18.5% | Higher than Capgemini’s 13.3% |
| Expected Synergies | €100-140 million (revenue) | Projected by end of 2027 |
| Cost Synergies | €50-70 million annually | Pretax run rate by end of 2027 |
4. Financing Details
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Capgemini priced €4.0 billion bonds on September 18, 2025, to finance the acquisition, refinance debt, and cover corporate purposes.
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This bond issuance canceled the bridge loan initially signed for the acquisition.
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Bond details:
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€1 billion 2-year floating rate notes (3-month Euribor + 0.30%)
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€0.5 billion 3-year fixed rate notes (2.50% coupon)
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€1.25 billion 6-year fixed rate notes (3.125% coupon)
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€1.25 billion 9-year fixed rate notes (3.50% coupon)
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The bond offering was oversubscribed about 3.2 times, illustrating strong investor confidence.
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Expected rating for bonds: BBB+ by Standard & Poor’s.
5. Business Impact and Outlook
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WNS consolidation into Capgemini’s financial accounts effective October 17, 2025.
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The acquisition is expected to boost Capgemini’s normalized EPS by 4% before synergies in 2026 and 7% after synergies in 2027.
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The deal enhances Capgemini’s BPS segment significantly, positioning them as a leader in AI-driven business process services.
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Combined workforce will surpass 400,000 employees, with WNS contributing about 66,085 employees.
6. Corporate Profiles
Capgemini
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Global business and technology transformation partner with 350,000+ employees in 50+ countries.
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2024 revenue: €22.1 billion.
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Strong expertise in AI, generative AI, cloud, and data.
WNS
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Digital-led business transformation and BPS leader.
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Annual revenue around €1.2 billion with an 18.5% operating margin.
Disclaimer:
This article is for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult a financial advisor before making investment decisions related to Capgemini, WNS, or their securities. The Profit India does not guarantee the accuracy or completeness of the financial information contained herein. Past performance is not indicative of future results.
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