The French computer services company Cap Gemini Group and Ernst & Young Consulting have reached an agreement to merge in a deal that would create a powerhouse provider of technology services to the financial industry.

The deal, which could be valued as high as $11.3 billion in cash and stock, would give Ernst & Young's partners 36% ownership of Cap Gemini. The Paris-based company would issue as much as 43.5 million shares of stock and pay $375 million in cash to fund the deal if all Ernst & Young Consulting partners agree to the terms.

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