August 09, 2023
Laptop Activity Group Inc. (NASDAQ: CTG), a supplier of IT staffing and options based mostly in Buffalo, New York, signed a deal to be acquired by Cegeka Groep nv, an IT options supplier based mostly in Hasselt, Belgium.
The deal requires Cegeka to pay $10.50 per share in an all-cash transaction for the publicly traded Laptop Activity Group, which additionally goes by CTG. The value represents an implied fairness worth of roughly $170 million.
“Collectively, we are able to ship enhanced worth to prospects throughout North America and Europe,” Cegeka Chairman André Knaepen mentioned in a press launch. “As we proceed with the acquisition course of, we sit up for welcoming the staff of CTG throughout India, Colombia, Europe and North America.”
The deal is topic to customary closing circumstances and is anticipated to shut later this yr.
CTG had income of $325 million in 2022, which incorporates $91.1 million in IT staffing income. The corporate has centered on increase its IT options work with North America IT options and companies income of $84.0 million in 2022 and Europe IT options and companies income of $149.9 million.
CTG will now not be publicly traded after the deal.
“The mix of Cegeka and CTG is anticipated to create a world IT options group with a sturdy portfolio of options supported by an expanded World Supply Community and progressive applied sciences and digital accelerators,” Filip Gydé, CTG President and CEO, wrote in an electronic mail to CTG staff.
With the deal, Cegeka may have greater than 9,000 staff in 18 international locations and expects income to achieve €1.4 billion in 2024.
Two IT professionals launched CTG in 1966 as a small, privately held firm in western New York state.
Cegeka was based in 1992 by Knaepen and posted income of €817 million (US$959 million) in 2022. It’s led by CEO Stijn Bijnens and employs greater than 6,000 individuals with operations in 13 international locations.
Additionally in the present day, CTG reported fourth-quarter income of $74.6 million, a year-over-year lower of 9.9%.
