Canadian IT firm buys Stanley
Source: Agencies |
May 8, 2010, Saturday
|
Print Edition
Print Edition
INFORMATION technology company CGI Group Inc yesterday said it will buy Stanley Inc for US$903 million cash, or US$37.50 per share.
The Canadian company is offering a premium of 29 percent from Stanley's Thursday closing price of US$29. The companies said their boards have approved the sale and Stanley directors and executives have pledged to vote their shares in support of the deal.
Stanley, based in Arlington, Virginia, provides systems and professional service support to the United States government. CGI said it will make Stanley part of its CGI Federal unit, which does business with the US government and defense, intelligence, and civilian agencies.
CGI will tender an offer for Stanley shares in the fall. It plans to pay for Stanley with cash on hand and funds from its existing credit facilities. It expects the acquisition to add to its profit within the first year of closing.
CGI will need approval from antitrust regulators and Stanley shareholders to complete the deal.
The combined firm will have US$4.5 billion in annual revenue, CGI said.
The Canadian company is offering a premium of 29 percent from Stanley's Thursday closing price of US$29. The companies said their boards have approved the sale and Stanley directors and executives have pledged to vote their shares in support of the deal.
Stanley, based in Arlington, Virginia, provides systems and professional service support to the United States government. CGI said it will make Stanley part of its CGI Federal unit, which does business with the US government and defense, intelligence, and civilian agencies.
CGI will tender an offer for Stanley shares in the fall. It plans to pay for Stanley with cash on hand and funds from its existing credit facilities. It expects the acquisition to add to its profit within the first year of closing.
CGI will need approval from antitrust regulators and Stanley shareholders to complete the deal.
The combined firm will have US$4.5 billion in annual revenue, CGI said.
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