CGI Group Inc. today announced that it has completed the previously announced acquisition of CDSL Holdings Limited ("CDSL") effective April 1, 1997.
CDSL is Canada's largest independent provider of retail banking services and electronic commerce/switching services, primarily to the Canadian credit union sector. With this acquisition, CGI becomes the only Canadian IT company with an infrastructure right across Canada.
CGI is acquiring CDSL for $16 million cash, plus 200,000 Class A subordinate shares and 745,000 first preferred shares, Series 3 valued at $23.50 per share, carrying one vote per share and convertible one-for-one into Class A subordinate shares. Based on the market price of CGI Class A shares at the time of the transaction, the total purchase price is approximately $36.5 million.
Following the acquisition of CDSL, CGI has approximately 2,500 employees and offers complete business solutions to more than 1,800 organizations across Canada and in the United States and internationally.
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