CGI completes $2.7 billion Logica acquisition
The all-cash deal makes a combined company with 72,000 employees and annual revenue of $10.4 billion.
London, U.K. and Montreal—Information technology and business process services provider CGI Group Inc. has completed its CAN$2.7 billion (£1.7 billion) all-cash acquisition of Logica PLC.
The deal includes the assumption of Logica’s $499 million net debt.
Logica shareholders had voted 99.54% in favour of CGI’s offer at a general shareholders meeting held in London on July 16, 2012.
The combined company has approximately 72,000 professionals in more than 40 countries with annual revenue of $10.4 billion.
The deal forced some restructuring, which includes the following appointments:
- João Baptista: President, Nordics, Southern Europe and South America
- Serge Dubrana: President, Central and Eastern Europe
- Tim Gregory: U.K. President
- Colin Holgate: President, Asia Pacific and the Middle East
- Jean-Marc Lazzari: President, France, Luxembourg and Morocco
- Doug McCuaig: President, Canada
- George Schindler: President, U.S.
“The path to continued success requires ongoing change,” said Michael Roach, president and CEO of CGI. “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.”
As a result of the completion of the Logica acquisition, the 46.7-million subscription receipts that were previously issued to Caisse de dépôt et placement du Québec will be automatically exchanged into new Class A shares in CGI today.
Prior to the acquisition, Logica provided business consulting, systems integration and outsourcing with roughly 41,000 employees.
Based in Montreal, CGI Group Inc. is now the sixth largest independent information technology and business process services firm in the world. It performs high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as developing proprietary solutions.