Thales is to sell its Information Systems Group to GFI Informatique, a European IT services company listed on the Paris stock exchange, creating a new group with a turnover of 1.1 billion Euros.
Thales Information Systems is a major European IT services player that employs 5,100 people and generated turnover of 485m Euros in 2001.
In consideration for selling 100% of the capital of Thales IS Groupe to GFI Informatique, Thales will receive 150m Euros in cash and liquidity. In addition, it will obtain 15 million new shares in GFI Informatique, or 25.9% of the capital after the capital increase, as well as 8.3 million GFI Informatique subordinated convertible bonds, issued at 9.625 Euros each.
The deal will create a group that ranks among the top ten listed European IT services companies in terms of turnover and will be the third-largest French IT services company.