DBT Bureau
Pune, 27 June 2026
Galaxy Germany Holding SE, a wholly owned direct subsidiary of Persistent Systems Ltd., has announced a voluntary public takeover offer to acquire all outstanding shares of Nagarro SE at a cash price of EUR 81 per share. The offer follows the signing of a Business Combination Agreement (BCA) between Galaxy Germany Holding, Persistent Systems, and Nagarro. Nagarro’s Management Board and Supervisory Board have expressed their support for the proposed transaction and intend to recommend that shareholders accept the offer, subject to their review of the formal offer document.
The Bidder has also entered into a fully binding Share Purchase Agreement with Lantano Beteiligungen GmbH the investment vehicle of Nagarro’s largest shareholder. Under the agreement, Lantano has agreed to sell its entire stake of approximately 21% in Nagarro (excluding treasury shares) to the Bidder at the Offer Price. The agreement was signed on the date of the announcement and remains subject to customary regulatory approvals.
In addition, members of Nagarro’s Management Board have declared their intention to accept the Offer and tender their shareholdings as part of the transaction.
The proposed combination is designed to create a scaled, globally diversified AI-led digital engineering and enterprise modernization powerhouse with at-scale presence in North America and Europe and meaningful Rest of the World exposure. The combined Persistent – Nagarro group would be better positioned to support multi-region enterprise clients requiring integrated AI, engineering, ERP / CX, data and cloud capabilities across local and global delivery models.
Anand Deshpande, Founder, Chairman and Managing Director, Persistent System said,
“At Persistent, we have always believed that great companies are built over decades, not quarters. They are built by talented people, a strong engineering culture, a willingness to innovate, and by earning clients’ trust every single day. Those principles have guided us since 1990. When we got to know Nagarro, what stood out was not just the quality of their business, but the similarity of their values. We saw the same respect for engineering, the same entrepreneurial spirit, and the same commitment to building lasting client relationships. That shared foundation gives us confidence that together we can create something even stronger. AI is reshaping our industry at an unprecedented pace. Success will belong to companies that combine deep technical capability with global reach, while continuing to attract, develop and inspire exceptional people. Together, Persistent and Nagarro will be better positioned to help our clients navigate this new era, create greater opportunities for our teams, and build an organisation that will endure for many years to come.”
Manas Human, Co-Founder and CEO, Nagarro said, “Both Nagarro and Persistent have grown from humble beginnings into strong technology powerhouses with high-quality people and deep client relationships. Now, with the AI revolution, we are entering an era that will reward companies like ours that already have a digital-, data- and AI-DNA. It’s a moment of great opportunity, but it also needs scale and power to make the most of it. With the combined strengths of Persistent and Nagarro, we’ll be able to deliver the complex intelligence transformation programs that our clients are increasingly demanding – at scale, across industries, and across the world. I am excited because I believe that joining forces is a compelling step forward– for the clients, shareholders, and colleagues in both companies.”
A compelling offer for all stakeholders
Persistent and Nagarro have the shared conviction that leading the next decade of AI-led digital engineering requires capabilities and local presence of a different order – and this combination accelerates exactly that, bringing together in a single transaction what would otherwise take decades to build organically.
- Attractive premium. The offer price of EUR 81 per share represents a very attractive premium of nearly 140% to the undisturbed closing price on June 25, 2026, and nearly 94% to the threemonth volume-weighted average price. Persistent believes this represents full and fair value for Nagarro shareholders. At the same time, the transaction is expected to be cash EPS accretive for Persistent shareholders in the first year of the transaction.
- A growth story for employees. The two businesses are highly complementary, creating a larger, more diversified platform with enhanced growth prospects. Employees on both sides would benefit from broader career opportunities, deeper exposure to state-of-the art technologies, global clients and participation in scaled transformation programs. Persistent operates on a culture that values its employees. Multiple awards establish its priority of creating a good workplace. The combination is all about growth. Accordingly, the BCA reflects strong commitments to employee matters, operations and management: Persistent does not intend to effect an amendment to, or a termination of, any existing shop agreements, collective bargaining agreements or similar agreements. Persistent also confirms its commitment to preserving leadership and culture of Nagarro.
- Stronger outcomes for clients. Persistent’s and Nagarro’s clients would gain access to the combined strength of AI-led engineering platforms and solutions; broader set of partnerships with Hyperscalers, ISVs and frontier labs, global delivery infrastructure at scale, deep enterprise operations, ERP and CX capabilities, strong North American and European presence and vertical expertise. The combined offering creates a single partner with end-to-end capability from AI ambition to measurable outcomes.
Persistent will fund the transaction with committed financing from Barclays. Upon consummation of the transaction, the leverage is expected to remain within conservative limits to meaningfully reduce over a 2-year period.
Persistent, recognized as the world’s fastest-growing IT services brand in 2026, has built a strong reputation through its technical expertise and execution-focused approach. The company employs over 27,500 people across 21 countries and has delivered 24 consecutive quarters of sequential revenue growth. In the last fiscal year, Persistent reported revenue of around USD 1.7 billion, up 17.4% year-on-year, while maintaining high standards of corporate governance.
Nagarro complements Persistent with its deep AI, digital engineering, ERP, and customer experience (CX) capabilities. The company generated approximately EUR 1 billion in revenue in CY2025 and has a strong presence across Europe, serving four of the region’s top five automotive manufacturers. With engineering teams across 40 countries, Nagarro has built long-standing client relationships and a strong local delivery network.
