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CGI agrees to buy Logica for £1.7bn
Canada’s CGI Group said it had agreed to buy Anglo-Dutch IT services company Logica for £1.7bn in a deal to secure more business with blue-chip clients globally.
CGI said Logica shareholders would get 105 pence in cash for each share, a 60 per cent premium to Wednesday’s closing share price.
Logica said global consolidation in IT services meant there was a strong logic to the tie-up, a view bolstered by the economic uncertainty in its main European markets.
Logica’s board and the holders of some 18.2 percent of the company’s capital supported the offer, CGI said.
The European group has been hit by a crunch in spending on major IT projects by European companies and governments, and it announced it would cut 1,300 jobs in December.