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Capgemini to Acquire WNS for $3.3 Billion to Boost AI-Driven Outsourcing Services

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France’s IT services giant Capgemini has agreed to purchase technology outsourcing firm WNS for $3.3 billion in cash, aiming to expand its portfolio of artificial intelligence (AI) tools for business process improvement, the company announced on Monday.

The acquisition will enable Capgemini to develop consulting services focused on enhancing company operations and cost efficiency through AI technologies, including generative AI and agentic AI, which it anticipates will attract substantial investment.

The deal values WNS shares at $76.50 each, a 17% premium over their closing price on July 3, excluding WNS’s financial debt. Capgemini’s interest in the India-based WNS, known for business process outsourcing (BPO) and data analytics, was initially reported by Reuters in April.

Capgemini CEO Aiman Ezzat highlighted that WNS’s “high growth, margin accretive and resilient Digital Business Process Services” would also strengthen Capgemini’s footprint in the U.S. market. WNS’s client roster includes major firms such as Coca-Cola, T-Mobile, and United Airlines.

In a media call, Ezzat noted that the acquisition would immediately open cross-selling opportunities in the U.S. and the U.K. The deal is expected to close by the end of 2025 and to be accretive to Capgemini’s revenue and operating margin from day one.

Despite the strategic rationale, Capgemini’s shares dropped about 5% after the announcement, making it one of the biggest decliners on Europe’s STOXX 600 index. Morgan Stanley analysts expressed concerns that the deal might restrict Capgemini’s financial flexibility and have limited immediate financial impact.

Analysts also cautioned that generative AI could disrupt the traditionally labor-intensive BPO market, potentially affecting Capgemini’s revenue and introducing new competitors. They noted the market might need more proof that WNS is the optimal vehicle for leveraging AI to transform BPO services.

Leonardo Acquires 24.55% Stake in Finland’s SSH to Bolster Cybersecurity, Marking Progress in European Defence Integration

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Italy’s defence giant Leonardo will acquire a 24.55% stake in Finnish cybersecurity firm SSH Communications Security, the companies announced Tuesday, marking a significant step in Europe’s efforts to deepen defence cooperation and consolidate its security industry.

With this deal, Leonardo becomes SSH’s largest shareholder, underscoring the growing importance of cybersecurity in multi-domain defence systems. Leonardo, known for its aerospace and defence platforms, views cyber capabilities as critical components of modern warfare, particularly as systems become increasingly interconnected.

SSH CEO Rami Raulas emphasized that the Western defence sector is shifting from national protectionism to international collaboration, noting Leonardo’s investment as part of a broader movement toward shared capabilities and joint ventures across borders. He also cited the BAE-Japan-Leonardo partnership for a next-generation combat jet as an example of this trend.

Raulas added that a growing European sentiment of “Europeans for Europe”—spurred in part by concerns over U.S. foreign policy under Donald Trump—is encouraging intra-European defence partnerships, reducing reliance on American investments.

Leonardo, which posted €18 billion ($21.2 billion) in revenue in 2024, expects its cybersecurity segment to achieve double-digit growth in the coming years. “Cybersecurity will increasingly be embedded into defence platforms and will become a core component of global security solutions,” said Giuseppe Panizzardi, Leonardo’s head of M&A, during a conference call.

The agreement involves €20 million worth of newly issued SSH shares purchased by Leonardo. Upon completion, Accendo Capital, previously SSH’s largest investor, will hold a 20.87% stake.

SSH is recognized for its quantum-safe encryption and Zero Trust architecture—an approach that assumes all users and devices could be threats unless verified. Leonardo said the deal supports the formation of a “Made in Europe” Zero Trust ecosystem, aligning with the EU’s ambitions for digital sovereignty and homegrown cybersecurity infrastructure.

SES Appoints Aerospace Veteran Elisabeth Pataki as New CFO Amid Intelsat Acquisition

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European satellite operator SES announced on Friday the appointment of Elisabeth Pataki as its new chief financial officer, effective June 16. Pataki, currently CFO of Aerojet Rocketdyne, a unit of aerospace and defense giant L3Harris, will succeed Sandeep Jalan in the role.

SES CEO Adel Al-Saleh praised Pataki’s extensive experience in the aerospace sector and highlighted her successful track record in managing complex M&A finance integrations. This expertise comes as SES pursues a major $3.1 billion acquisition of Intelsat, a deal set to be one of the decade’s largest in the satellite industry and aimed at challenging SpaceX’s Starlink dominance.

The satellite sector is undergoing significant disruption as Starlink’s rapid expansion pressures traditional operators like SES, raising concerns about their financial stability. SES carries over $5 billion in total debt and has seen its five-year credit default swap (CDS) spreads climb to 235 basis points recently, signaling increased investor worries over default risk.

Despite this, SES confirmed in April that it has secured full financing for the Intelsat acquisition, which is currently awaiting approval from European antitrust authorities. The deal is seen as a strategic move to strengthen SES’s competitive position in a rapidly evolving market.