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Logica set for buy-out

Jun 14
 
Tags: Logica, UK: London
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Logica set for buy-out

Major IT and business process services provider CGI Group Inc. has announced its acquisition of Logica.

The company will take over the UK-based firm in a deal worth $1.7 billion (£1 billion) culminating in a bid of 105p for every share within Logica and is designed to create a technology champion across the US, Europe and Asia.

CGI officials believe that the transaction will deliver substantial financial benefits through the realisation of annual integration dividends of £125 million at the close of the third financial year after the deal has been made.

Logica's board of directors has given its full backing to the agreement and has recommended it to its shareholders.

Michael E. Roach, president and chief executive of CGI, said: "It further underscores our ongoing commitment to support our clients as they expand their businesses locally and globally. In addition to operational breadth and depth, the combined business will have critical mass and key blue chip client relationships."

This article was brought to you by Mindbench, the award winning management consultant recruitment provider.

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