KPIT Technologies to acquire four auto entities of The Technica Group

24 Sep 2022 , 01:33 AM

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 SL Spain and Technica Engineering Spain SL Spain through KPIT Technologies GmbH a wholly owned step down subsidiary of the Company of 100Percentage shareholding and Technica Engineering Inc USA through KPIT Technologies Inc a wholly owned step down subsidiary of the Company of 100Percentage 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 25 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