CGI Group Inc Acquires Logica | Announces new operations leadership team
London, UK and Montreal, Canada, August 20, 2012 -
CGI Group Inc. (TSX: GIB.A) (NYSE: GIB), a leading provider of information technology and business process services, announced today that it has completed its acquisition of Logica plc for 105 pence per ordinary share for a total purchase price of £1.7 billion (C$2.7 billion) plus the assumption of Logica’s net debt of £322 million (C$499 million) based on Logica’s December 31, 2011 financial statements. The cash acquisition of all the issued and to be issued ordinary shares of Logica was effected by means of Court sanctioned scheme of arrangement in the UK. Logica shareholders had voted 99.54% in favour of CGI’s offer at a general shareholders meeting held in London on July 16, 2012. Conditions to the transaction were satisfied and all required regulatory approvals were received.
The combined company has approximately 72,000 professionals in more than 40 countries and pro forma annual revenue of C$10.4 billion and offers clients around the world the best mix of business and technology expertise as well as a unique combination of local and global delivery options.
“With the closing of the transaction, our focus is squarely on meeting the expectations of our clients and welcoming our new employees to the CGI family,” said Michael E. Roach, President and CEO of CGI.
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