CGI Inc. (TSX:GIB.A) made an offer to acquire 77.37% stake in Acando AB (publ.) (OM:ACAN B) for SEK 3.3 billion on March 11, 2019. Under the terms of the transaction, CGI will acquire 80.63 million class B shares at SEK 41.45 per share, with CGI reserving the right for price adjustment mechanism in case dividend payout or any other distributions to Acando shareholders. In a related transaction, CGI entered into share purchase agreements to acquire 22.62% stake in Acando from Svedulf Fastighets AB, Bjursund Invest AB and Svolder AB, which includes acquisition of 3.64 million class A shares and 19.94 million class B shares at SEK 41.45 per share, out of which acquisition of 10.42 million class B shares corresponding to almost 10% stake in Acando is completed. Post the transactions, CGI will hold 100% stake in Acando. CGI, using available cash and existing credit facilities, has irrevocably undertaken to provide CGI Nordic with the necessary funds to finance the offer. Following completion of the Offer, CGI intends to integrate Acando into its operations in Northern Europe and Germany over a period expected to last up to one year. The acceptance period for the tender offer is expected to commence around March 18, 2019 and end around April 15, 2019. Settlement is expected to begin around 25 April 2019. The transaction is subject to the offer being accepted to such extent that CGI holds shares representing more than 90% of the outstanding shares in Acando, receipt of all necessary regulatory, governmental or similar clearances, approval and decisions including from the competition authorities. The board of directors of Acando have unanimously recommended Acando's shareholders to accept the Offer. As of March 26, 2019, CGI Nordic received antitrust approval from Swedish, German and Norwegian competition authorities. CGI Nordic intends to initiate a formal squeeze out process. Cirio Advokatbyrå AB acted as legal advisor and Evli Bank Plc. acted as fairness opinion provider to Acando AB. Skandinaviska Enskilda Banken AB (publ.) (OM:SEB A) acted as financial advisor to CGI Inc. Advokatfirman Vinge KB acted as legal advisor to CGI Inc.

CGI Inc. (TSX:GIB.A) completed the acquisition of 77.37% stake in Acando AB (publ.) (OM:ACAN B) on April 16, 2019. All necessary regulatory approvals for the completion of the offer have been obtained and all other conditions of the offer have been satisfied or waived. The offer has been accepted to such an extent that CGI now owns approximately 93.7% of the outstanding shares of Acando. On April 16, 2019, the Company acquired an additional 71.1% of the outstanding shares of Acando. On April 26, 2019, the Company submitted a formal request to initiate compulsory acquisition proceedings in order to obtain the shares held by the remaining shareholders of Acando. By May 14, 2019, an additional 2.4% stake in Acando were acquired. On October 11 2019, the Company acquired the remaining 3.9% of the outstanding shares of Acando.