LONDON (ShareCast) - French IT services provider Groupe Steria has agreed terms of a recommended proposal to buy outsourcing and IT group Xansa for 130p a share, valuing the UK firm at around £472m.
The offer for Xansa, forced on Friday to admit it was in advanced bid talks after it shares soared on market rumour, represents a 70% premium to last Thursday’s closing price.
France's Cap Gemini had been one of the names touted as a possible suitor.
Steria said the acquisition is expected to deliver total pre-tax synergies of around €24m in 2008, €49m in 2009 and €53m from 2010 onwards at a cost of some €49m over two years.
“Focused on the fastest growing market segments, the new group will be one of the most attractive in the ITS sector, both through the value of its service offerings and its exceptional industrial delivery model,” said general manager and boss of Steria Francois Enaud.
