According to GovCon Wire, CGI has agreed to buy Stanley for the pricetag of a little more than $1 billion.
“CGI Group Inc. (NYSE: GIB; TSX: GIB.A) has entered into a definitive agreement to acquire Stanley Inc. (NYSE: SXE) in a cash tender offer that is worth approximately $1.07 billion.
CGI stated that it will pay $37.50 per share and will be funded by existing credit facilities and current “cash on hand.”
“The acquisition of Stanley is in line with our Build and Buy profitable growth strategy, and is consistent with our commitment to continue expanding our footprint in the strategic U.S. market and specifically in the U.S. federal market. It is also consistent with our commitment to bring increased value to our clients and employees. From an investor perspective, this transaction will be accretive to GAAP earnings per share within the first 12 months,” said Michael E. Roach, President and CEO, CGI. “CGI has a strong culture and market momentum that will provide additional professional opportunities and growth for all our employees, including the Stanley professionals, whom we warmly welcome to CGI.”