Two management consultancy businesses are set to merge, creating a £2.4bn company.

FI Group, which specialises in the finance, retail and services sectors, is bidding to take over Druid, an IT specialist.

The merger is aimed at making the company a global player in business IT markets.

Druid directors with shares in the group have accepted the offer, while City firm Henderson Investors, the biggest institutional shareholder in both firms, has indicated its strong support, the companies said.

FI, founded in 1962 and based in Hemel Hempstead, Hertfordshire, employs 4,457 people. It is 39% owned by staff and two employee benefit trusts after a workforce buyout in 1991.

Global plans

Druid, founded in 1987 and based in Staines, Middlesex, employs 691 people. It floated on the London Stock Exchange in 1996.

FI is offering to pay about £670m for Druid, valuing each of its smaller rival's shares at £28.53.

Hilary Cropper, FI executive chairman, said the merger represented "an important strategic step" in realising FI's globalising strategy.

The announcement came as FI Group reported pre-tax profits for the six months to 31 October of £9.6m compared with £7.5m at the same stage last year.

The companies said the new group will benefit from the rapid rise in e-commerce.

The takeover is subject to approval by shareholders at an EGM on 14 February.