Canadian professional services provider CGI Group said Wednesday it agreed to acquire U.S.-based technology consulting company IMRglobal in a stock deal valued at roughly $438 million. CGI said the acquisition would increase its systems integration and consulting capabilities in the United States, the United Kingdom, France, India, Japan and Australia. CGI said it hopes the deal will help it strengthen its expertise and presence in the financial services and health care sectors.
Under the terms of the deal, IMRglobal shareholders will receive 1.6 CGI shares in exchange for each share of IMRglobal stock. Based on the average closing price of CGI shares through Feb. 16, the exchange ratio represents a price of approximately $9.50 per IMRglobal share, the companies said. The transaction, which is subject to customary closing conditions, is slated to close this spring.