Cyient to acquire Portugal-based Celfinet for about Rs 340 crore
NEW DELHI, Jun 6 (PTI) IT solutions provider Cyient will acquire Portugal-based wireless engineering services firm Celfinet for 41 million euro (about Rs 340 crore) in an all-cash deal, the Hyderabad-headquartered company said on Monday. With this acquisition, Cyient aims to strengthen its wireless engineering practice to support communication service providers (CSPs) and enterprises in deploying their networks at scale.
Cyient will pay 65 per cent of the deal amount upfront and the remaining 35 per cent as an earnout over two years, subject to business performance. "Celfinet's deep expertise and long-standing customer relationships will further add to 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 MD and CEO Krishna Bodanapu said in a statement.
The addition will further strengthen Cyient's presence in Europe, where it has a strong footprint, and help scale its business across North America and Australia, the statement added. The deal is expected to close by June 20.
"Despite many approaches over the years, it was critical to wait for the right fit in a company to take over the business and unleash our potential. Cyient presented not only shared values but also an ambitious and innovative vision for the future, with Celfinet acting as the cornerstone investment to drive Cyient's Wireless Engineering forward," Celfinet said. PTI PRS