KPIT Technologies announced the signing of a definitive agreement to acquire a controlling stake in PathPartner Technology.
PathPartner is a specialist design service and solution provider of operating system software and low-level software for Automotive, Camera, Radar, and Multimedia devices.
The deal is subject to customary closing conditions and is expected to get closed in Q2 FY 2021-22.
KPIT will initially purchase 60% stake for a consideration of Rs 89 crore, and the balance stake is proposed to be acquired over a period of two years against defined growth targets. The total consideration for 100% stake will not exceed Rs 191 crore.
Kishor Patil, CEO, KPIT Technologies, said, PathPartner's competence in the operating system software and low-level software and existing semiconductor partnerships for early access to platforms is key to delivering complex production programs."
The announcement was made after market hours yesterday, 21 June 2021. Shares of KPIT Technologies rose 0.93% to settle at Rs 239 yesterday.
KPIT Technologies is a leading independent software development and integration partner helping mobility leapfrog towards a clean, smart, and safe future.
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