Persistent Systems to Acquire Nagarro for EUR 1.27B, Boosting European Presence
Persistent Systems is acquiring Nagarro for EUR 1.27 billion (approx. ₹11,430 crore), with a 21% stake already secured. The offer price is EUR 81 per share. The acquisition aims to enhance Persistent's European presence and digital engineering capabilities. An EGM in October 2026 will seek approval for up to USD 450 million in equity raise.
The acquisition of Nagarro, a EUR 1 billion revenue company, represents a major strategic move for Persistent Systems, significantly expanding its scale, geographic reach (especially in Europe), and service offerings. This will likely have a substantial impact on the company's market position, competitive landscape, and future growth trajectory.
The acquisition of Nagarro at a significant premium, coupled with strong support from both companies' boards and management, indicates a strategic move expected to enhance market position and capabilities. The clear timeline and regulatory progress also contribute to a positive outlook.
Persistent Systems Limited announced its intention to acquire 100% of Nagarro SE for an Enterprise Value of approximately EUR 1.27 billion. This strategic acquisition, priced at EUR 81 per share in cash, represents a premium of about 140% to Nagarro's undisturbed closing price on June 25, 2026, and 94% to its three-month volume-weighted average price.
The transaction values Nagarro at 1.27 times its estimated CY25A Revenue and 9.19 times its estimated CY25A Adjusted EBITDA. Persistent Systems has already secured a 21% stake in Nagarro through a share purchase agreement, and the Nagarro Management Board has expressed their intent to tender their shares in the open offer. Both Nagarro's Supervisory Board and Management Board have fully supported the transaction and signed a Business Combination Agreement (BCA).
Persistent Systems has launched a voluntary public takeover offer for all outstanding Nagarro shares at EUR 81 per share in cash, with a minimum acceptance threshold of 50% + 1 share. The offer document was published in August 2026, and the initial acceptance period concluded on September 17, 2026. An additional acceptance period of two weeks will follow from September 23, 2026. The acquisition is expected to close in Q4 CY26 or Q1 CY27.
Regulatory filings are progressing, with merger control clearances obtained in all required jurisdictions. FDI filings are underway, with 3 out of 5 approvals received, including from Germany. The company also plans to hold an EGM in October 2026 to approve an equity raise of up to USD 450 million, with combined equity and borrowings capped at USD 1,250 million.
This acquisition is expected to create a globally balanced profile across regions and verticals, with Nagarro bringing a significant European footprint and a portfolio of over 1,000 clients across 72 countries. Nagarro specializes in AI-first digital engineering, delivering full-stack solutions across digital engineering, intelligent enterprise, and experience & design, with strong presence in Automotive, Manufacturing, Retail, CPG, and Financial Services.
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Persistent Systems Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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