Global IT solutions firm Capgemini announced on Monday a deal to acquire global engineering solutions firm Altran Technologies for €14.00 per share. Cash consideration in the deal would be €3.6 billion (US$4.1 billion) excluding net financial debt of approximately €1.4 billion (US$1.6 billion).

The boards of both companies approved the acquisition.

“By joining forces, we are positioning ourselves as a clear strategic partner to assist our clients in taking full advantage of the revolution created by the developments of the cloud, edge computing, IoT, artificial intelligence and 5G,” said Paul Hermelin, chairman and CEO of the Capgemini Group.

Capgemini reported the combined company with Altran will have revenue of €17 billion and more than 250,000 employees.

Both Capgemini and Altran are based in France. Capgemini operates in more than 40 countries with more than 200,000 employees. It had revenue of €13.2 billion (US$15.1 billion) in 2018.

Altran operates in more than 30 countries with nearly 47,000 employees and had revenue of €2.9 billion (US$3.3 billion) in 2018.

The deal is expected to be completed by the end of this year.

This article has been corrected from a previous version.