Nagarro takeover offer ends successfully; 94.04% stake secured, squeeze-out planned

Persistent's subsidiary Galaxy Germany Holding SE has ended its voluntary public takeover offer for Nagarro SE successfully.

Fri 9 Oct 2026

Nagarro shares tendered

8,903,259 Nagarro shares tendered (~71.94% of share capital and voting rights)

Combined stake secured

~94.04% of Nagarro's share capital and voting rights, including ~22.10% held under an SPA with Lantano

Expected closing

Expected to close by end of Q1 CY27

Nagarro takeover offer: final result

The voluntary public takeover offer for Nagarro SE was made by Galaxy Germany Holding SE, a wholly-owned direct subsidiary of Persistent Systems Limited. It closed following expiry of the statutory additional acceptance period at midnight (CEST) on October 6, 2026.

What the final numbers say

• A further 1,335,114 Nagarro shares were tendered during the additional acceptance period.
• 7,568,145 Nagarro shares were tendered during the initial acceptance period.
• Total tendered: 8,903,259 Nagarro shares, representing approximately 71.94% of Nagarro's share capital and voting rights.
• Persistent had already secured approximately 22.10% under a share purchase agreement with Lantano Beteiligungen GmbH.
• Combined, Persistent has secured approximately 94.04% of Nagarro's share capital and voting rights.
• The minimum acceptance threshold required for the Offer to be completed was 50% plus one share.

Squeeze-out plan

Having secured more than 90% of Nagarro's share capital and voting rights, Persistent plans a squeeze-out of the remaining minority shareholders of Nagarro upon closing. No final decision has been taken yet, and further details on the specific measures will be provided in due course.

Timeline

The transaction is expected to close by the end of Q1 CY27, subject to only a limited number of outstanding regulatory approvals.

Management view

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent Systems Limited: "The final results of our offer for Nagarro are a clear endorsement of the strategic logic behind bringing Persistent and Nagarro together. We now look forward to completing the remaining steps toward closing. Together, we will build the global AI-led digital engineering player we envision."

How to read it

• These numbers describe Persistent's holding in Nagarro after the offer, not any change in Persistent's own equity.
• The Offer relates to shares in a German company admitted to trading, inter alia, on the Frankfurt Stock Exchange, and is implemented under German law.
• The Bidder reserves the right, to the extent permitted by law, to directly or indirectly acquire additional Nagarro shares outside the Offer on or off the stock exchange, subject to applicable German statutory provisions and the related price rules.

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