Paris-based technology consulting firm Capgemini will acquire Kanbay, the IT services concern focused on financial services, for $1.25 billion, the companies said.
Paul Hermelin, Capgemini chief executive officer, said purchase of the Rosemont, Ill.,-based Kanbay supports company growth strategy and significantly enhances its insurance practice, global banking and financial services (BFSI), particularly in North America and India.
According to their announcement, under the definitive agreement, Capgemini will pay Kanbay $29 per share in cash, a premium of 15.9 percent to Kanbay's closing share price on Wednesday, and 28.3 percent to the average price during the month prior to the announcement.
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