CGI Offers To Buy Sweden's Acando For SEK 4.32 Bln - Quick Facts

(RTTNews) - IT and business consulting services firm CGI (GIB, GIB.A.TO) announced Monday an all-cash tender offer of 41.45 Swedish kronor per share to acquire Acando AB, a Stockholm-based management and IT consulting services firm.

CGI's offer represents a total price of 4.32 billion kronor for Acando, including the assumption of 93 million kronor in net debt corresponding to approximately C$614.7 million.

The offer represents a 44.2% premium to Acando's closing price on March 8, 2019.

The acquisition will be through CGI's subsidiary CGI Nordic Holdings Limited. The transaction is expected to close in the third quarter of fiscal 2019.

The tender offer is subject to a number of conditions, including approval by the relevant regulatory authorities, such as competition authorities and CGI gaining control of more than 90% of the outstanding shares of Acando.

Acando's Board of Directors is unanimously recommending that its shareholders accept CGI's Offer. The company currently trades under the symbol ACAN B on the Nasdaq Stockholm exchange.

Acando acquisition would add more than 2,100 highly skilled professionals to CGI from five countries across the region, notably in the major metro markets of Stockholm, Sweden; Oslo, Norway; and Hamburg, Germany.