Cyient: Cyient clinches its largest deal with acquisition of Finnish player Citec for 94 million euro | India Business News – Times of India

HYDERABAD: In what’s being touted as the biggest outbound acquisition by an Indian engineering providers firm and Cyient’s largest acquisition up to now, the Hyderabad based mostly tech options supplier is buying 100% stake in Finnish plant and product engineering providers firm Citec at an enterprise worth of Euro 94 million on a debt-free cash-free foundation.
Cyient on Monday mentioned it has inked definitive agreements to amass the Finnish worldwide plant and product engineering providers participant that serves clients throughout the vitality, course of, oil and gasoline, and manufacturing industries in an all-cash deal.
“Cyient Europe Ltd, a completely owned subsidiary of Cyient Ltd entered a definitive settlement with Sentiec Oyj, Finland, which is the dad or mum entity of Citec and Cyient restricted entered a definitive settlement with Citec Engineering India Non-public Restricted, India which is a completely owned subsidiary of Citec,” Cyient mentioned in a regulatory submitting.
The all-cash transactions are anticipated to be accomplished on or earlier than Might 10, 2022, Cyient knowledgeable the bourses.
Cyient mentioned the acquisition will improve its place as a frontrunner within the plant and product engineering sector, strengthen its presence within the vitality business with a give attention to clear vitality and increase its European footprint within the Nordic international locations of Finland, Norway, and Sweden, and in Germany and France.
Presently Cyient doesn’t have a presence within the Nordic area and this acquisition will assist it strengthen its European presence and add near 600 members to its current workforce in Europe, it mentioned.
“The mixed portfolios of Cyient and Citec will probably be one of many largest unbiased plant engineering capabilities globally. This may allow clients to leverage a complete set of providers and choices reminiscent of Plant Engineering, Digital Options, Product Engineering, Consulting, and Technical Documentation,” Cyient mentioned, including that the synergies from these mixed portfolios will present the dimensions, experience, assets, and entry to new capabilities that may be supplied to clients.
Commenting on the proposed acquisition, Krishna Bodanapu, managing director and CEO, Cyient, mentioned, “This acquisition will permit us to take our mixed plant engineering and digital options portfolio to a brand new set of consumers who’ve in depth manufacturing amenities globally. Citec’s robust model worth and expertise pool, particularly within the Nordic area, will probably be integral to Cyient gaining a powerful foothold within the area and accelerating our future development.”
“The mixed capabilities may also assist the Citec workforce to supply new options choices to their current purchasers by leveraging the capabilities of Cyient reminiscent of Digital engineering, Geo spatial engineering, testing, manufacturing,” Cyient added.

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