Logica buys German group for £370 million
Logica, the UK software and services group is paying £370m cash for pdv Unternehmensberatung, a German competitor.
Logica says pdv will give it scale in Germany, taking staff numbers in the country up from 100 to 1,300.
Logica expects the acquisition to be earnings enhancing in the current year. pdv reported £72.5m sales and operating profits of £10m last year.
The company is funding the purchase through a 1-for-10 rights issue that will raise £458m - the surplus will fund two smaller acquisitions. ®