October 6, 2022
The Montreal tech consulting agency CGI Inc. GIB-A-T plans to deepen its presence in Europe

The Montreal tech consulting agency CGI Inc. GIB-A-T plans to deepen its presence in Europe by shopping for a majority stake within the Paris-based digital-services firm Umanis SA for about $308-million, hoping to later purchase the remaining shares.

CGI stated early Friday that its subsidiary CGI France SAS had agreed to purchase the entire Paris-listed shares held by Umanis CEO Olivier Pouligny and the corporate MURA SAS, at €17.15 ($23.79) per share. That represents about 70.6 per cent of Umanis’s complete shares. As soon as the transaction is full, the businesses stated, CGI will launch a compulsory tender supply to purchase Umanis’s remaining shares for a similar worth.

The full worth can be about €310-million, or $436-million. The €17.15-per-share worth represents a forty five.96-per-cent premium on Umanis’s Thursday closing worth. The businesses count on the preliminary buy to be accomplished by the tip of the second quarter.

“The mix of CGI’s operations and people of Umanis will additional deepen our presence and positioning throughout Western and Southern Europe,” CGI’s chief government officer, George Schindler, stated in a information launch, including that the deal would improve his firm’s profitability.

Umanis’s government chairman, Laurent Piepszownik, based the corporate in 1990. He stated within the launch that he and CGI share a “frequent imaginative and prescient.”

Shares of Umanis ceased buying and selling on the time of the announcement, however the firms stated trades would resume Monday.

CGI employs greater than 80,000 workers and consultants worldwide in quite a lot of information-technology and consulting roles. It introduced in $12.13-billion in income up to now fiscal 12 months. Umanis stated its annual income is about €246-million, and that it employs almost 3,000 folks in France and throughout Spain, Luxembourg, Morocco and Switzerland.

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The businesses stated Société Générale was CGI’s monetary adviser for the deal and Bredin Prat was its authorized adviser. Crédit Agricole Company and Funding Financial institution and Darrois Villey Maillot Brochier suggested Umanis and MURA.

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