CGI makes £78.9m all-cash offer for SCISYS
Canadian IT consulting firm CGI has made an all-cash offer for SCISYS, valuing the entire issued and to be issued ordinary share capital at around £78.9 million, reports Jane Connolly.
CGI will pay 254.15p per share for the Dublin-based company, which is a leading provider of IT services in the UK and Germany.
The offer has been unanimously recommended by the SCISYS board of directors and CGI has secured irrevocable undertakings to vote in favour of the transaction from SCISYS directors representing around 25% of the existing issued share capital.
SCISYS employees around 670 people and has an annual revenue of about £58.4 million.
“CGI’s offer to merge operations with those of SCISYS is aligned to our Build and Buy strategy, providing opportunities to expand our industry depth in space, defence, government and media in the UK and Germany,” says George Schindler, president and CEO of CGI.
He adds: “SCISYS’ industry-leading expertise and IP-based services and solutions will provide an opportunity to globalise certain platforms utilising the broader CGI geographic footprint and client relationships.”
The transaction is expected to close during the second half of 2019.
