HCLTech to acquire German automotive engineering firm ASAP Group for 251.1 million Euros
The Hindu
HCLTech acquires 100% equity stake in ASAP Group, an automotive engineering services provider, for 251.1 million Euros. It is a cash deal, likely to be completed by 2023. ASAP focuses on future-oriented automotive technologies and serves top OEMs and tier-1 suppliers. HCLTech aims to scale ASAP's capabilities and innovations across its global network, while nurturing local talent and innovation. ASAP CEO is delighted to align growth journey with HCLTech's purpose. HCLTech UK Limited to acquire 100% of ASAP's outstanding equity.
HCLTech has signed a definitive agreement to acquire a 100% equity stake in ASAP Group, an automotive engineering services provider, headquartered in Ingolstadt, Germany, for a total enterprise valuation of 251.1 million Euros ( nearly ₹2,300 crore).
It would be a 100% cash deal involving an upfront full payout, likely to be completed by September 2023, said a regulatory filing made by the company late last night.
ASAP is focused on future-oriented automotive technologies in areas such as autonomous driving, e-mobility and connectivity and its services portfolio comprises electrics/electronics, software, consulting, service testing and validation and vehicle development. The 2010-founded firm serves top automotive original equipment manufacturers (OEM) and tier-1 suppliers in Germany. It has over 1,600 employees across nine locations in Germany, as per the filing.
“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,” said Hari Sadarahalli, Corporate Vice President, Engineering and R&D Services, HCLTech.
This investment also reinforced HCL’s commitment to Germany and would continue to nurture local talent 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,” said Michael Neisen, CEO, of ASAP Group.
HCLTech currently does not hold any shares in the Company and intends to acquire 100% of the outstanding equity of the ASAP via HCLTech UK Limited, a wholly owned step-down subsidiary of HCLTech, as per the filing.
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