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The Economic Times
The Economic Times
Technology

Carnegie Fonder questions Persistent Systems' Nagarro acquisition, cites growth concerns

Persistent Nagarro Persistent Systems ET LinkedIn Lufthansa Volkswagen Euro Europe

Carnegie Fonder, a long-term shareholder in Persistent Systems since 2021, has published an open letter to the mid-tier IT services company's promoter and CEO, raising pointed questions about its planned €1.27 billion ($1.45 billion) acquisition of German digital engineering firm Nagarro.

In an open letter on professional networking website LinkedIn, portfolio manager Gunnar Pahlson questioned the logic of paying a 140% premium for a slower-growing, lower-margin European business exposed to cyclical industrial and automotive clients, including accounts tied to Lufthansa and Volkswagen.

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