Electronics manufacturer Amber Group has signed definitive agreements to take a 40.24% controlling stake in Israel-based Unitronics, a global player in industrial automations and control systems, for more than ₹400 crore.
Amber’s electronics manufacturing subsidiary ILJIN Electronics will acquire 5,624,591 shares at NIS 27.75 per share for NIS 156 million (around ₹403 crore) in an all cash-deal. After the acquisition, ILJIN, together with joint chairman of Unitronics, will own a 45.13% stake in the company. No governmental or regulatory approvals are needed for the deal, Amber said in a stock exchange filing Monday.
According to the terms of the acquisition, Unitronics will leverage ILJIN’s extensive electronics manufacturing expertise to enhance operational synergies, accelerate innovation, and strengthen its product position in India.
The acquisition comes as the Amber Group looks to expand its product portfolio in industrial applications. The acquisition will also help Amber with backward integration, enhancing competitiveness, and gaining access to global markets like US and Europe amid rising demand for industry 4.0 applications.
Source: Economic Times