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Cyient to Acquire Portugal-Based Celfinet for ~Rs333.20 crore; stock trades flat

The addition will further strengthen Cyient's presence in Europe, where Celfinet has a strong market hold. This will help scale Cyient's business across North America and Australia.

June 06, 2022 11:22 IST | India Infoline News Service
Cyient Limited, a leading consulting-led, industry-centric, global Technology Solutions company, has signed definitive agreements to acquire Celfinet.

Celfinet is an international Wireless Engineering Services company that is focused on providing end-to-end Network Planning and Performance Optimization services.

The cost of acquisition of this Portugal-based company for EURO 41 million (approx. Rs333.20 crore).

Through this acquisition, Cyient strengthens its Wireless Engineering practice to support Communication Service Providers (CSPs) and Enterprises in delivering their pervasive connectivity networks at scale. This will also enable Enterprises to build networks to utilize the power of 5G and drive their own Digital Transformation journey.

The addition will further strengthen Cyient's presence in Europe, where Celfinet has a strong market hold. This will help scale Cyient's business across North America and Australia.

Commenting on the acquisition, Krishna Bodanapu, Managing Director and CEO of Cyient, said, "Cyient is helping CSPs in engineering the networks of tomorrow by delivering solutions across Intelligent Infrastructure, Smart Operations, and Enterprise Network Transformation.

Celfinet's excellent expertise and long-standing customer relationships will further boost our capabilities as we strengthen our technology play in wireless networks for 5G rollouts. In addition, Portugal has a highly skilled engineering workforce, making it a strategic innovation hub for expanding our global delivery footprint."

Cyient is currently trading at Rs794.75 down by Rs2.25 or 0.28% from its previous closing of Rs797 on the BSE. The scrip opened at Rs806 and has touched a high and low of Rs813.95 and Rs786.05 respectively.

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