KPIT Tech on Wednesday announced that his insistence had agreed to the acquisition of four Technica Group companies with 80 million Euro (₹ 640 Crore) considered paid for 6 months. This agreement is expected to be closed at the end of October 2022, after the fulfillment of traditional closure conditions, and in the end, the Technica Group will be fully owned by KPIT Technologies.

The board has approved the acquisition of technica engineering GMBH, Germany, Technica Electronics Barcelona S.L., Spain and Technica Engineering Spain S.L., Spain Through KPIT Technologies Gmbh, A Wholly Owned USA through KPIT Technologies Inc. A subsidiary that is fully owned by a 100%share ownership company, “KPIT Tech was informed in submitting an exchange.

KPIT Technologies GMBH & KPIT Technologies Inc. (Fully owned by a subsidiary of the company) will acquire 100% of the share ownership in advance.

The target entity has leadership in automotive in a ready-production system prototyping (combination of network system architecture, hardware prototyping, integration), automotive ethernet products, and tools for validation.

German technica is present in Germany, France, Sweden and Asia, with current employee strength 275. This is headquartered in Munich, Germany. Meanwhile, Barcelona Technica has the presence of Spain, with the current power of employees 50, which is headquartered in Barcelona, ​​Spain.

Technica Vigo has the presence in Spain, with the current strength of employees 4 (number of employees). Headquartered in Vigo, Spain. Meanwhile, US Technica is present in the US, with the current strength of employees 4 (number of employees). Headquartered in Bloomfield Hills, Michigan, USA.

Euro 80 million permanent considerations that must be paid for 6 months, said the company, added that the consideration of the maximum 30 million Euro variable was based on the achievement of the income and profit milestone that would be paid for the next 2.5 years.