CGI completes Logica acquisition

CGI has completed its acquisition of Logica plc for 105 pence per ordinary share for 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. 

The combined company has approximately 72,000 professionals in more than 40 countries and pro forma annual revenue of C$10.4 billion and 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 E. Roach, President and CEO, CGI.  

Furthermore, the Company has also announced its new global operations organization and the appointment of the following leaders, each reporting to Roach, effective immediately.

“The path to continued success requires ongoing change. We have assembled a very strong operations leadership team, drawing from the best of both Logica and CGI,” Roach further remarked.

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.