Persistent Systems Acquisition of Nagarro announced

研报英文原文证据摘录

Persistent Systems Acquisition of Nagarro announced

Global Research

29 June 2026ab

First Read

EquitiesPersistent Systems

Acquisition of Nagarro announced India

Diversified Technology Services

12-month rating Buy

Persistent announces acquisition of Nagarro

Persistent Systems has announced a voluntary public takeover offer to acquire Nagarro 12m price target Rs5,995.00

SE (Munich-headquartered digital engineering firm with cEUR1bn CY25 revenue and

c18.5k employees) at EUR81/share in cash, implying a c140% premium to latest closing

Price (29 Jun 2026) Rs4,840.45

price and a total deal size of cUS$1.2bn. Persistent has already secured a c21% stake via

a binding deal with the largest shareholder, and the overall offer is conditional on >50% RIC: PERS.BO BBG: PSYS IB

acceptance and regulatory approvals (BaFin), with expected closing in Q4CY26 / Trading data and key metrics

Q1CY27. The deal is expected to be funded by leverage, with the combined entity

52-wk range Rs6,562.90-4,529.65

aiming to de-lever within 2 years.

Market cap. Rs743b/US$7.88b

Shares o/s 154m (ORD)

While the deal appears complimentary..

Free float 68%

Based on the details in the announcement, the deal appears complimentary. While

Avg. daily volume ('000) 665

Persistent brings AI-led engineering strength, hyperscaler partnerships, and North

American scale, Nagarro adds European enterprise access, ERP/CX focus, and industrial/ Avg. daily value (m) Rs3,370.3

automotive exposure. Post the deal closure, the geography mix would improve Common s/h equity (03/26E) Rs78.4b

meaningfully, with Europe revenue contribution expanding from c9% to c22%, P/BV (03/26E) 9.6x

ROW from 10% to 16%, and North America concentration reducing from c80% to Net debt to EBITDA (03/26E) NM

62%.