Providing automotive engineering services including electrics/electronics, software, consulting, service testing and validation, and vehicle development Ingolstadt-based ASAP Group has been acquired in an almost entirely all-cash deal worth $279.72 million according to BSE filings.
The BSE (formerly Bombay Stock Exchange) filing notes India’s third-largest IT services firm, HCLTech as the new owner, and the deal will be conducted through the firm’s UK subsidiary. Subject to regulatory approvals, the deal is expected to conclude in September of this year.
ASAP Group counts over 1,600 employees working from nine locations across Germany. No word was given on the status of these individuals, but as the move from HCLTech is meant to bolster the company’s portfolio in the automotive industry, layoffs might be an unusual move.
“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,” commented ASAP Group CEO Michael Niesen. “We are confident that the combination of HCLTech and ASAP's engineering and technology performance will bring best-in-class advantages to the automotive industry worldwide."