CGI Group up 14% After Announcing Acquisition of Logica

CGI Group GIB is trading higher on the session following its announcement to acquire Logica, which is a business and IT service firm headquartered in the UK. Under the terms of transaction CGI Group will pay GBP 1.7 billion. Michael E. Roach, President and CEO, CGI stated: "This announcement is consistent with our profitable growth strategy and with our belief that the global consolidation of our industry is both necessary and inevitable. Logica is a leading business and technology service company with talented and committed employees and long-term client relationships." CGI Group is currently trading at $23.24, a gain of $2.82 or 13.81%.