Cegeka Groep, a European IT solutions company, and Computer Task Group announced that they have entered into a definitive agreement under which Cegeka agreed to acquire CTG for $10.50 per share of common stock in an all-cash transaction, representing an implied equity value of approximately $170M. CTG is a provider of digital transformation solutions with a strong client base across high-growth vertical markets, focused primarily on healthcare, finance, energy, manufacturing, and government. The company had $325M in 2022 revenue and $306M in trailing 12-month revenue as of June 30, 2023. The transaction is expected to close later in 2023. Upon the successful completion of the tender offer, Cegeka’s acquisition subsidiary will be merged into CTG, and any remaining shares of common stock of CTG will be canceled and converted into the right to receive the same $10.50 per share in cash. After closing, CTG will become a privately held company, and shares of CTG common stock will no longer be listed on any public market.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on CTG:
- CTG IT Solutions and Services Segments Gross Margin Improved 170 Basis Points to 30.7% in Second Quarter 2023, Cegeka to Acquire CTG for $10.50 Per Share
- Cegeka to Acquire CTG for $10.50 Per Share, Enhancing Value to Customers Across North America and Europe
- CTG Announces Second Quarter 2023 Financial Results Conference Call and Webcast
- CTG Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Fortune Media and Great Place To Work Name CTG to 2023 Fortune Best Workplaces in New York