CGI Group Inc., a provider of information technology and business process services, has announced 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 favor 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.
“The path to continued success requires ongoing change,” added Roach. “We have assembled a very strong operations leadership team, drawing from the best of both Logica and CGI. Together we are aligned around the commitment to create additional value for our clients, our professionals and our shareholders.”
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Updated Date: Feb 02, 2017 23:44:39 IST