Last week, we published our monthly recap of M&As, which saw deals collectively worth over ₹4,500 crores. We wanted to cap off our July M&A section with two fun examples, something different from our usual VC backed M&A’s. There is a fun Blume connection as well: Capgemini acquired Kanbay in 2006—an India-based IT services firm that was led by our co-founder Sanjay Nath’s father, Dileep Nath.
In our latest Decoding Exits episode, Karthik unpacks why Ferrero is stepping into cereals and how Cape Gemini’s IT–BPO consolidation points to a pragmatic, cash-flow-first M&A cycle.
Key takeaways:
- Mature brands, sober multiples: Ferrero’s ~$3B deal came in around 11x 2025 EBITDA. In mature Consumer Packaged Goods (CPG), price tracks cash flows, not hype. Ferrero expands into cereals/protein bars while deepening in markets where its brand already resonates.
- AI is forcing services consolidation: Capgemini’s ~$3.3B acquisition of WNS reflects an AI-driven efficiency squeeze. As automation trims headcount needs, scale and adjacency matter—IT services absorbing BPO to deliver integrated value and protect margins.
🎯 Watch the full breakdown to know more!