Capgemini, Kanbay, Merger
Capgemini to buy Kanbay International for $1.25 billion
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Capgemini, one of the world’s foremost providers of Consulting, Technology and Outsourcing services, and Kanbay International, a global IT services firm focused on the financial services industry, announced that they have entered into a definitive merger agreement.
Under the terms of the merger agreement, Capgemini will acquire all of the outstanding common shares of Kanbay for $29 per share in cash. The transaction is subject to customary closing conditions, including Kanbay’s shareholders approval and anti-trust clearance. It is expected that the transaction will close by early 2007.
This acquisition is fully in line with Capgemini’s expansion strategy:
- It significantly increases Capgemini’s presence in India (+89% based on Q3 figures). The combined company would have headcount reaching 12,000 employees by the end of 2006 in India which would therefore become the second largest country (with 16% of total headcount);
- It strengthens Capgemini’s presence in North America and confirms the Group’s ambition in this market;
- It positions Capgemini as a leader in the Financial Services sector - which accounts for 22% of the global IT market - and enhances its domain expertise.
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