Persistent Systems has secured approximately 94.04% of Nagarro SE’s share capital and voting rights, excluding treasury shares, through its voluntary public takeover offer and a separate share purchase agreement.
The result moves the Indian technology services company closer to acquiring the German digital engineering business. The transaction remains subject to outstanding regulatory approvals, with closing expected by the end of the first quarter of calendar year 2027.
Persistent announced the final acceptance results on 9 October, following the expiry of the additional acceptance period on 6 October.
Final acceptances lift the total
The offer was made through Galaxy Germany Holding SE, Persistent’s wholly owned subsidiary. Shares tendered during the initial and additional acceptance periods together represented approximately 71.94% of Nagarro’s share capital and voting rights.
Combined with the approximately 22.10% secured under a share purchase agreement with Lantano Beteiligungen GmbH, this brought the total to 94.04%, excluding treasury shares.
Sandeep Kalra, Chief Executive Officer and Executive Director of Persistent Systems, said: “We now look forward to completing the remaining steps toward closing.”
The final figure compares with 83.25% announced on 22 September after the initial acceptance period. Shareholders were subsequently given until 6 October to tender their shares for the same cash consideration of €81 per share. The offer had already exceeded its minimum acceptance threshold of 50% plus one share.
AI and engineering underpin the proposed combination
Persistent and Nagarro signed their business combination agreement in June 2026. The proposed transaction would bring together Persistent’s North American business and engineering capabilities with Nagarro’s European client relationships, artificial intelligence expertise, enterprise software and customer experience services.
At the time of the agreement, Nagarro had approximately 18,500 employees across more than 40 countries and reported around €1 billion in revenue for calendar year 2025. The company is headquartered in Munich.
Persistent said the proposed group would have a revenue run rate of approximately US$2.9 billion and more than 46,000 employees, based on figures disclosed when the agreement was announced. These figures describe the envisaged combination, which has yet to close.
Indian investment in a German technology business
The transaction represents an Indian company’s proposed investment in a German-headquartered technology business with an established international delivery network.
Its commercial significance extends beyond the two home markets. Persistent said the combination would increase Europe’s share of its revenue from approximately 9% to 22%, using the figures presented in its original transaction announcement. Nagarro’s European business includes relationships with automotive manufacturers and clients across industrial, financial services and other sectors.
For India–Germany technology ties, the proposed acquisition would connect the two companies’ engineering operations, client networks and capabilities in AI, data, cloud and enterprise modernisation within a combined group.
Taking-private plans remain subject to further steps
Persistent has previously stated its intention to pursue Nagarro’s delisting from the Frankfurt Stock Exchange’s regulated market as soon as practicable and legally feasible after completion. Nagarro’s Management Board has indicated its willingness to support the delisting, subject to its fiduciary duties.
Having secured more than 90%, Persistent also plans to initiate a squeeze-out of the remaining minority shareholders after closing. However, the company said no final decision on that step had been taken and that further details would be provided in due course.
The acceptance result marks a further milestone in the proposed acquisition, while completion remains dependent on the outstanding regulatory approvals.
