M&A M&A
Tata Tech to buy German automotive engg player ES-Tec Group for $88-M
Source ES-Tec Group (opens in a new tab)Economic Times (opens in a new tab)
Tata Group’s digital and engineering services arm, Tata Technologies (TTL), has acquired Wolfsburg, Germany-based automotive engineering player ES-Tec Group for EUR 75 million (about USD 87.96 million).The all-cash deal will be based on ES-Tec meeting certain performance objectives over two years. The acquisition is expected to be EPS accretive from the first full year of operations.Founded in 2006, ES-Tec provides premium engineering services to global carmakers with a strong focus on driver assistance systems (ADAS), connected driving and digital engineering. It employs over 300 engineers and counts top European Original Equipment Manufacturers (OEMs) as clients.