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LogicaCMG to buy Swedish Co for $1.66 bn

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CIOL Bureau
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STOCKHOLM: IT firm LogicaCMG today said it will acquire Swedish company WM-data AB in a cash-and-shares deal of $1.66 billion.

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The acquisition is expected to give LogicaCMG better opportunities to win big contracts.

According to LogicaCMG's chief executive Martin ReadOur, "customers want to do business with a smaller number of larger suppliers who can provide them with a broader range of offerings and support them internationally."

LogicaCMG said 80 percent of the deal will be paid for in new shares, with the remaining 20 percent paid in cash.

WM-data said in a statement that its board of directors unanimously recommended that shareholders accept the offer.

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