Sopra Steria agrees to buy Ordina for about $555 mln (updated)

Sopra Steria SA

21/03/2023 08:14

(Adds detail, background)
       March 21 (Reuters) - France's Sopra Steria  SOPR.PA  has
agreed to buy Amsterdam-listed Ordina  ORDN.AS  in a deal to
combine the French firm's Benelux operations with its Dutch
peer, the IT companies jointly announced on Tuesday.
    The conditional agreement is for an offer price of 5.75
euros per share excluding dividends, valuing Ordina at about 518
million euros ($555 million). The deal is expected to close in
the second half of 2023, the companies said in a statement.
    "We are very enthusiastic about this operation," said Sopra
Steria's finance chief Etienne du Vignaux in a call, adding
Ordina's revenues are growing rapidly while the company has no
debts.
    The deal would result in a new operation in the Benelux
region which would combine Sopra Steria's existing business
there, its recent acquisition of Tobania, and Ordina. It would
employ over 4,000 people in the Netherlands and Belgium, and 300
in Luxembourg.
    Ordina's two largest shareholders Teslin and Mont Cervin,
which together hold roughly a 26% stake, have agreed to tender
their shares, as has the CEO and finance chief, the companies
said. Ordina's Chief Executive Jo Maes will be in charge of the
Benelux operations, the companies said.
    The deal and related matters are expected to boost Sopra
Steria's earnings per share by 1.2% in 2024, and 3.7% in 2025.
    ($1 = 0.9336 euros)

 (Reporting by Olivier Sorgho; Editing by Tom Hogue and Mark
Potter)
 ((Olivier.Sorgho@thomsonreuters.com))