Analysts at Morgan Stanley noted that AI could make the BPO sector highly automated, shifting it away from its traditional people-intensive model. This could lead to lower revenues and intensify competition from new entrants, they said.
While WNS is not large enough to be transformational for Capgemini’s overall financials, the acquisition will weigh on its balance sheet for a couple of years, the analysts added.
Capgemini shares fell as much as 5.6% to €137.15 — their lowest level since April.
Under the deal, Capgemini will acquire WNS for $76.50 per share, representing a 17% premium to WNS’s Friday closing price. Capgemini said the acquisition will be immediately accretive to revenue growth and operating margin, and will boost its normalised earnings per share by 4% in 2026 and 7% in 2027 after synergies kick in.
The company forecasts €100–140 million ($118–165 million) in revenue synergies and expects annual pretax run-rate cost and operating model synergies of €50–70 million by end-2027.
The transaction has been approved by the boards of both companies and is expected to close by year-end, subject to regulatory approvals.
WNS provides BPO and data analytics services to clients including Coca-Cola, T-Mobile, and United Airlines. In fiscal 2025, it reported $1.27 billion in revenue with an 18.7% operating margin. Its revenue has grown around 9% at constant currency on average over the last three fiscal years.
