Japanese industrial, digital and development conglomerate Hitachi Ltd
TOKYO — Hitachi Ltd. is shopping for U.S. digital engineering providers firm GlobalLogic Inc. for $9.6 billion, the Japanese industrial, digital and development conglomerate stated Wednesday.
GlobalLogic has greater than 20,000 professionals in 14 nations, working design studios and software program product engineering facilities, with income anticipated to achieve about $1.2 billion for fiscal 2021.
“Collectively we are going to create new social, environmental and financial worth for our globally increasing consumer firms and elevate QoL, or high quality of life, for folks via contributions to understand sustainable society,” stated Hitachi Chief Government Toshiaki Higashihara.
Hitachi shares plunged 7.3% in Tokyo buying and selling.
The deal was anticipated to shut by the tip of July, topic to regulatory approval.
Firms around the globe are working to adapt to the quickly digital modifications occurring in varied industries.
The acquisition of GlobalLogic is a part of Hitachi’s 2021 mid-term plan, which features a dedication to take a position 1 trillion yen ($9 billion) to strengthen the digital capabilities of the corporate’s sprawling companies.