Persistent Systems to buy Nagarro SE for €81 per share
Persistent Systems, a Pune-based technology company, is set to buy German digital engineering firm Nagarro SE for a per-share price of €81.
It is offering €81 per share (an impressive 140% above Nagarro's recent stock price), which will bring together over 46,000 employees across more than 40 countries and create a combined revenue of $2.9 billion.
Deal backed but regulatory approvals required
This move has support from Nagarro's biggest shareholder and its leadership team, but it still needs regulatory approval and over one-half of shareholders on board.
Once done, Persistent plans to delist Nagarro from the Frankfurt Stock Exchange.
The deal will also boost Persistent's presence in Europe (from 9% to 22% of its revenue), combining strengths in AI and digital transformation, so expect bigger things from them globally soon!