Hyderabad : Cyient, a leading global Technology Solutions company has announced that it has signed definitive agreements to acquire Citec, an international Plant and Product engineering services company for an enterprise value of EUR 94 million on a debt free, cash free basis.
This will be the largest outbound acquisition by an Indian engineering services company and Cyient’s largest acquisition to date. The acquisition transactions will be completed during the quarter. This acquisition will enhance Cyient’s position as a leader in the Plant and Product Engineering sector, strengthen its presence in the energy industry with a focus on clean energy and expand its European footprint in the Nordic countries of Finland, Norway, and Sweden, and in Germany and France.
The combined portfolios of Cyient and Citec will be one of the largest independent plant engineering capabilities globally. This will enable customers to leverage a comprehensive set of services and offerings such as Plant Engineering, Digital Solutions, Product Engineering, Consulting, and Technical Documentation. And the synergies from these combined portfolios will provide the scale, expertise, resources, and access to new capabilities that can be offered to customers.
“We are already enabling our customers to accelerate their digital industrial transformation with our INTELLICYIENT suite of solutions. This acquisition will allow us to take our combined Plant Engineering and Digital Solutions portfolio to a new set of customers who have extensive manufacturing facilities globally. Citec’s strong brand value and talent pool, especially in the Nordic region, will be integral to Cyient gaining a strong foothold in the region and accelerating our future growth” Krishna Bodanapu, Managing Director and CEO, Cyient, said.