Coforge to acquire Encora in US$2.35 billion all-stock deal

Mgmt Guided Margin ImprovementAnalyst Day Multiyear TargetsInvestor Communications View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

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prior close

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announcement price

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Nifty Midcap 150market · index membership as recorded later (tracked since Jun 2026)-0.4%+0.6% vs market

Computers - Software & Consulting peers, median of 64sector-0.9%+1.1% vs sector

On the reaction day the stock moved 0.6 pts more than Nifty Midcap 150 and 1.1 pts more than its Computers - Software & Consulting peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

Coforge is buying US-based Encora for US$2.35 billion in an all-stock deal. Sellers Advent International and Warburg Pincus will roll over and hold about 20% in Coforge. Up to US$550 million bridge loan or QIP will retire Encora debt. Encora revenue was US$516 million in FY25, expected at US$600 million in FY26 with 19% adjusted EBITDA. Combined firm targets 14% EBIT margin post-deal. Deal is EPS neutral. Closing in 4 to 6 months.

Likely market impact

Share dilution from 20% equity issuance may pressure stock short-term. Deal boosts scale and adds AI capability with EPS neutral outcome on closing.