HCLTech has signed a definitive settlement to acquire a 100% fairness stake in ASAP Group, an automotive engineering companies supplier, headquartered in Ingolstadt, Germany, for a complete enterprise valuation of 251.1 million Euros.
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HCLTech has signed a definitive settlement to acquire a 100% fairness stake in ASAP Group, an automotive engineering companies supplier, headquartered in Ingolstadt, Germany, for a complete enterprise valuation of €251.1 million ( round ₹2,300 crore).
It could be a 100% money deal involving an upfront full payout, doubtless to be accomplished by September 2023, mentioned a regulatory submitting made by the corporate late final evening.
ASAP is concentrated on future-oriented automotive applied sciences in areas akin to autonomous driving, e-mobility and connectivity and its companies portfolio includes electrics/electronics, software program, consulting, service testing and validation and car improvement. The 2010-founded firm serves high automotive unique gear producers (OEM) and tier-1 suppliers in Germany. It has over 1,600 workers throughout 9 places in Germany, as per the submitting.
“Core engineering is at the heart of HCLTech’s DNA and it truly differentiates our services portfolio. ASAP has developed some exciting capabilities in automotive engineering, and we share their vision for the future of mobility. This agreement will enable us to scale these capabilities and innovations across our global network,” mentioned Hari Sadarahalli, Corporate Vice President, Engineering and R&D Services, HCLTech.
This funding additionally strengthened HCL’s dedication to Germany and would proceed to nurture native expertise and innovation ecosystem to unlock the potential, he added.
“We are delighted to align our growth journey with HCLTech’s purpose of bringing together the best of technology and people to supercharge progress for all stakeholders,” mentioned Michael Neisen, CEO, of ASAP Group.
HCLTech presently doesn’t maintain any shares within the Company and intends to acquire 100% of the excellent fairness of the ASAP by way of HCLTech UK Limited, a completely owned step-down subsidiary of HCLTech, as per the submitting.
