CGI Group to Acquire IMRglobal for $438 Million

CGI Group (GIB Quote) agreed to acquire IMRglobal (IMRS Quote) for $438 million, a merger that will join two information technology services concerns.

CGI will swap 1.5974 Class A subordinate shares for each common share of IMRglobal. The exchange ratio values IMRglobal at $9.50 a share, a 44.8% premium over the closing stock price on Feb. 16. IMRglobal has about 44 million shares outstanding.

After completing the acquisition, CGI will have almost 13,000 employees in more than 60 offices in 24 countries. The companies expect to close the transaction in the spring.

IMRglobal gained 44 cents, or 6.7%, to $6.97 in recent Nasdaq action. CGI lost 94 cents, or 17%, to $4.66 on the New York Stock Exchange.