Cyient on Monday said it has inked definitive agreements to acquire the Finnish company that serves customers across the energy, process, oil and gas, and manufacturing industries at an enterprise value of Euro 94 million on a debt-free, cash-free basis. The transactions are expected to be completed by May 10, 2022.
“Cyient Europe Ltd, a wholly owned subsidiary of Cyient Ltd, entered a definitive agreement with Sentiec Oyj, Finland, which is the parent entity of Citec, and Cyient limited entered a definitive agreement with Citec Engineering India Private Limited, which is a wholly owned subsidiary of Citec,” Cyient said in a regulatory filing.
Cyient said the acquisition will enhance its 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.
Currently, Cyient does not have a presence in the Nordic region and this acquisition will help it strengthen its European presence and add close to 600 members to its existing team in Europe, Cyient said.
Globally, Citec has a presence in Finland, France, Germany, Norway, Sweden and India, where it has a presence in Mumbai and Pune. “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, product engineering, consulting, and technical documentation,” Cyient said.
Cyient CEO Krishna Bodanapu, said the acquisition will allow the company to take the combined plant engineering and digital solutions portfolio to a new set of customers who have manufacturing facilities globally. “Citec’s strong brand value and talent pool will be integral to Cyient gaining a strong foothold and accelerating our future growth.”