AP News

CGI Group closes $2.67B deal for UK-based Logica

Canada's CGI Group Inc. said Monday that it completed its acquisition of British-based information technology services firm Logica PLC for about 1.7 billion pounds ($2.67 billion).

The deal also includes about 322 million pounds ($500 million) in Logica debt as of Dec. 31.

Under the specific terms of the agreement, Logica shareholders will get 105 pence ($1.65) in cash for each of their shares, which represented a premium of almost 60 percent over the company's closing stock price just before the deal was announced.

Logica shareholders voted 99.5 percent in favor of the offer at a meeting held last month in London.

With the addition of Logica, CGI now has 72,000 employees in more than 40 countries and pro forma annual revenue of 10.4 billion Canadian dollars ($10.51 billion).

Founded in 1976, CGI is one of the largest independent IT and business process services firms in the world. Its U.S.-traded shares slipped a penny to $24.65 in midday trading.

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