Canadian Manufacturing

CGI to buy Swedish technology consulting firm Acando in deal valued at $614.7M

CGI says Stockholm-based Acando will add more than 2,100 professionals to CGI from five countries across the region including Sweden, Norway and Germany

March 12, 2019  The Canadian Press

MONTREAL – CGI Inc. has signed an agreement to buy Swedish technology consulting company Acando.

The Canadian firm valued the deal at $614.7 million, including the debt it plans to assume.

Under the offer, which has the unanimous support of the Acando board, CGI says it will pay 41.45 Swedish kronors per Acando share.

It says the offer represents a 44.2 per cent premium to Acando’s closing price on March 8.

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CGI says Stockholm-based Acando will add more than 2,100 professionals to CGI from five countries across the region including Sweden, Norway and Germany.

The transaction is expected to close in the third quarter.