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Cap Gemini buys Ernst & Young for £7bn

By Suzanna Kerridge

Published: 29 February 2000 17:40 GMT

Cap Gemini has bought Ernst & Young Consultancy for E11.5bn (£7bn) in an attempt to strengthen its position in the US and in Germany.

The agreement will see the French company double its size to 18,000 employees, and gives it a much needed boost to compete in the US market against Andersen Consulting, EDS and IBM Global Services.

The deal is expected to be put to Ernst & Young's shareholders in the next few weeks on a country-by-country basis - an overall 75 per cent majority is needed for the agreement to be concluded.

The results are expected in April, and the terms and conditions of the deal are expected to be agreed by June.

Cap Gemini said the deal would include Ernst & Young consultancies in Canada, France, Germany, Italy, Spain and the US.

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