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Deals & Cases
08 Jul 2026

A&O Shearman advises Barclays on up to EUR1.4bn bridge facility for Persistent Systems’ proposed acquisition of Nagarro

"A&O Shearman advised Barclays Bank PLC on an up to EUR1.4bn term bridge facility to support Persistent Systems Limited’s proposed acquisition of Nagarro SE. The fully underwritten facility is structured on a certain funds basis to meet German WpÜG cash confirmation requirements; closing is expected Q4 2026 or Q1 2027, subject to approvals."

A&O Shearman advised Barclays Bank PLC as sole mandated lead arranger, bookrunner and underwriter. The firm advised on an up to EUR1.4 billion term bridge facility to support Persistent Systems Limited’s proposed acquisition of Frankfurt-listed Nagarro SE through Persistent’s wholly owned subsidiary, Galaxy Germany Holding SE. The transaction values Nagarro at approximately EUR1.27 billion enterprise value and is one of the largest overseas acquisitions by an Indian IT services company. The voluntary public takeover offer was announced on 26 June 2026 pursuant to the German Securities Acquisition and Takeover Act (WpÜG), with the Business Combination Agreement signed the same day. The financing has been structured on a certain funds basis to satisfy WpÜG cash confirmation requirements and was fully underwritten by Barclays. The deal brings together an Indian acquirer, a German-listed target and English-law financing, requiring coordination across multiple jurisdictions, regulatory regimes and legal disciplines. Completion is expected in Q4 2026 or Q1 2027, subject to regulatory approvals and other offer conditions. A&O Shearman represented Barclays Bank PLC with a team composed by: partners Gautam Narasimhan (Managing Partner, Singapore) and Matt Del Rosso (Partner, Singapore), supported by counsel Prateek Jauhari and associate Anabelle Koong (Associate, Singapore). German law advice was provided by Frankfurt-based partners Thomas Neubaum (Partner, Frankfurt) and Dr. Jan-Hendrik Bode (Partner, Frankfurt), with support from senior associate Can Altan (Senior Associate, Frankfurt). Additional M&A support came from the Düsseldorf corporate team, including counsel Kyrill Chilevych (Counsel, Düsseldorf) and senior associate Eva Hohmann (Senior Associate, Dusseldorf). Tax advice was provided by Frankfurt-based partner Dr. Heike Weber (Partner, Frankfurt) and associate Felix Palmqvist (Associate, Frankfurt).
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