Persistent and Nagarro sign Business Combination Agreement to form the Persistent - Nagarro Group, a global leader in AI-led digital engineering

Persistent announces the intention to launch a voluntary public takeover offer for all outstanding Nagarro shares at EUR 81 per share
All-cash offer represents a highly attractive premium of ~140% to the undisturbed closing price on June 25, 2026, and ~94% to the three-month volume-weighted average price
Nagarro's Management and Supervisory Board support the transaction and intend to recommend acceptance of the Offer reflecting their strong shared conviction in the partnership's strategic merits
Persistent has already secured an approximately 21% stake¹ in Nagarro, with the largest shareholder of Nagarro committing its entire stake under a binding agreement
In addition, Nagarro Management Board members have declared their intention to accept the Offer and tender their shareholding into the Offer
Nagarro is a Munich-headquartered leader in digital engineering with ~18,500 employees across 40+ countries, deep roots in industrial, consumer, TMT and BFSI verticals and a total revenue of EUR 1 billion (CY25)
Persistent and Nagarro are a perfect strategic fit, combining Persistent's AI-led engineering leadership, North American scale and partnership depth with Nagarro's European business, complementary verticals, AI expertise, and ERP and CX delivery, to create a ~USD 2.9 billion AI-led engineering powerhouse with 46,000+ employees across 40+ countries
Offer is subject to a minimum acceptance threshold of 50% plus one share of all outstanding Nagarro shares; launch of Offer to follow after approval of offer document by BaFin
Persistent does not intend to enter into a domination and/or profit and loss transfer agreement (DPLTA) for a duration of two years after closing
In alignment with Nagarro's Management Board, Persistent intends to pursue a delisting of Nagarro shares from the regulated market (Prime Standard) of the Frankfurt Stock Exchange as soon as practicable and legally feasible

^{1: excluding treasury shares}

MUNICH and PUNE, India, June 27, 2026 /PRNewswire/ --

News Summary

Galaxy Germany Holding SE (the "Bidder"), a wholly-owned direct subsidiary of Persistent Systems Limited (together "Persistent"), today announced a voluntary public takeover offer for all outstanding shares in Nagarro SE ("Nagarro") (the "Offer") at a cash consideration of EUR 81 per share (the "Offer Price"). The Offer follows the signing of a Business Combination Agreement ("BCA") between the Bidder, Persistent and Nagarro. Nagarro's Management and Supervisory Board support the transaction and intend to recommend acceptance of the Offer to Nagarro shareholders, subject to their review of the offer document.