London and Montreal: Canadian IT consultancy CGI Group Inc. today completed its acquisition of Logica plc, one of the UK's last indigenous IT consulting firms.
The Logica name will be "retired" immediately; all "external communications" will be under the CGI brand from now on.
CGI has paid 105 pence per ordinary share in cash, 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.
Logica shareholders had voted 99.54% in favour 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. Logica will be de-listed from the London Stock Exchange this week.
The combined company has approximately 72,000 professionals in more than 40 countries and pro forma annual revenue of C$10.4 billion and claims it "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 Roach, President and CEO of CGI.
Logica's existing executive and non-executive directors, including CEO Andy Green will formally resign their positions.
CGI has already announced its new global operations organization and the appointment of the following leaders, each reporting to Mr. Roach, with immediate effect:
- João Baptista: President, Nordics, Southern Europe and South America
- Serge Dubrana: President, Central and Eastern Europe (including Netherlands, Germany and Belgium)
- Tim Gregory: President, United Kingdom
- Colin Holgate: President, Asia Pacific (including Australia, India, Philippines and the Middle East)
- Jean-Marc Lazzari: President, France (including Luxembourg and Morocco)
- Doug McCuaig: President, Canada
- George Schindler: President, United States
Baptista, Dubrana, Holgate and Lazzari all held positions in Logica.
"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."