Global law firm White & Case LLP has advised the bank syndicate led by BNP Paribas and Morgan Stanley, acting as Global Coordinators, and Crédit Agricole Corporate and Investment Bank and HSBC, acting as Joint Lead Managers and Joint Bookrunners, on Capgemini's €506 million capital increase.
The capital increase is the largest ever made by accelerated private placement in France. Largely oversubscribed, it resulted in the issue of 6,700,000 new shares, representing 4.05 percent of the share capital. The subscription price was €75.50 per share, corresponding to a discount of 2.4 percent on the volume weighted average price of June 9, 2015.
The capital increase aims primarily at the early refinancing of part of the US$3.8 billion bridge loan implemented in the context of the acquisition of IGATE by Capgemini, which is expected to close in the second half of 2015.
With more than 145,000 people in over 40 countries, Capgemini is one of the world's foremost providers of consulting, technology and outsourcing services. The group reported global revenues during 2014 of US$10.6 billion. On April 27, 2015, Capgemini announced the signing of a definitive agreement to acquire IGATE for a cash consideration of $48 per share. The transaction will amount to US$4 billion. Headquartered in Bridgewater, New Jersey, IGATE is a provider of integrated technology and operations-based solutions. It is listed on NASDAQ and during 2014 achieved revenue of more than US$1.2 billion.
The White & Case team in Paris which advised on the transaction was led by partners Séverin Robillard and Thomas Le Vert with support from counsel Elsa Imbernon and associate Béatrice Constans. Partner Colin Chang and counsel Max Turner advised on matters of US law and partner Alexandre Ippolito, with support from associate Marcus Schmidbauer, advised on tax aspects.
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