Board approves the acquisition at meeting held on 21 September 2022
The Board of KPIT Technologies at its meeting held on 21 September 2022 has approved the acquisition of Technica Engineering Gmbh, Germany, Technica Electronics Barcelona S.L., Spain and Technica Engineering Spain S.L., Spain through KPIT Technologies GmbH, a wholly owned step down subsidiary of the Company of 100% shareholding and Technica Engineering Inc, USA through KPIT Technologies Inc. a wholly owned step down subsidiary of the Company of 100% shareholding.The cost of acquisition entails Euro 80 million fixed consideration to be paid over 6 months. Maximum Euro 30 million variable consideration based on achievement of revenue and profit milestones to be payable over the next 2.5 years.
Target entities have leadership in automotive in production-ready system prototyping (combination of network system architecture, hardware prototyping, integration), automotive ethernet products, and tools for validation.
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