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

The corporate logo of CGI Group Inc. is shown in this undated handout photo. CGI Inc. has signed an agreement to buy Swedish technology consulting company Acando. THE CANADIAN PRESS/HO

March 11, 2019 - 4:48 AM

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.

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.

Companies in this story: (TSX:GIB.A)

News from © The Canadian Press, 2019

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