Nagarro stock gains deal clarity as takeover threshold is met

Nagarro stock (ISIN DE000A3H2200) is trading under an EUR 81 cash takeover offer after Persistent Systems confirmed on September 18, 2026, that the minimum acceptance threshold had been met as of September 17, 2026. The transaction values Nagarro at approximately EUR 1.27 billion and has shifted attention from shareholder acceptance to completion and integration.

Takeover threshold changes the setup

According to AD HOC NEWS on September 21, 2026, Persistent Systems confirmed that its public offer reached the required minimum acceptance level by September 17, 2026. The threshold removes a central condition from the transaction structure, although the offer still depends on the remaining closing steps and applicable approvals.

The offer price of EUR 81 per share represents a premium of approximately 140 percent to Nagarro's undisturbed closing price on June 25, 2026, and approximately 94 percent to the three-month volume-weighted average price, according to Persistent Systems' investor presentation dated September 21, 2026. The presentation also states that Persistent had secured an approximately 21 percent stake in Nagarro and that the Nagarro management and supervisory boards supported the transaction.

Revenue and margin underpin valuation

Persistent's presentation describes Nagarro's fiscal year 2025 revenue as EUR 999.3 million, up 2.8 percent year over year, with adjusted EBITDA of EUR 138.2 million and an adjusted EBITDA margin of 13.8 percent. Those figures provide the operating reference behind the EUR 1.27 billion enterprise value, which equals 1.27 times fiscal year 2025 revenue and 9.19 times adjusted EBITDA.

The comparison matters because the offer is not based solely on a short-term share-price reaction. Nagarro had 18,003 professionals across 38 countries in fiscal year 2025, while its client base exceeded 1,000 customers across 72 countries, according to the same September 21, 2026 presentation. The scale supports the strategic rationale, but the transaction must still convert geographic and capability overlap into measurable integration benefits.

Closing steps remain material

Persistent Systems' transaction timetable states that the additional acceptance period runs for two weeks from September 23, 2026, with the acceptance period ending on October 6, 2026. The presentation expects closing in the fourth quarter of calendar year 2026 or the first quarter of calendar year 2027, while an equity raise of up to USD 450 million is planned for an extraordinary general meeting in October 2026.

The main counter-factor is execution. Persistent explicitly identifies regulatory, shareholder and other third-party approvals as conditions that could affect completion, while integration must combine Nagarro's European delivery network and digital engineering capabilities with Persistent's larger India-led services platform. For Nagarro shareholders, the EUR 81 cash consideration therefore provides a clear reference value, but the timetable remains an important market variable.

EUR 81 offer sets the reference

Nagarro is listed on Xetra under ticker NA9 in the SDAX. The EUR 81 cash offer, confirmed on September 18, 2026 and linked to a transaction value of approximately EUR 1.27 billion, is the clearest dated market reference for the stock while the takeover process advances.

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