Logica Shareholders Approve CGI Acquisition; CEO Michael Roach Comments

CGI Group Inc. (NYSE: GIB) plans to complete its reported $2.7 billion acquisition of global information technology and management firm Logica by Aug. 20, CGI announced Monday.

Following Logica’s general meeting, 99.54 percent of that company’s shareholders voted in favor of accepting CGI’s cash offer.

CGI will immediately start integrating the two businesses, which will have more than 72,000 professionals combined worldwide, CGI President and CEO Michael Roach said in a release.

The transaction is still subject to sanction of the court and other conditions, CGI said.

The company will use several revenue streams to fund the acquisition, including $971 million in subscription receipts exchangeable into new Class A shares.

See our previous coverage of the acquisition here.

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