{"id":110976,"date":"2021-03-31T11:44:59","date_gmt":"2021-03-31T11:44:59","guid":{"rendered":"https:\/\/fin2me.com\/?p=110976"},"modified":"2021-03-31T11:44:59","modified_gmt":"2021-03-31T11:44:59","slug":"hitachi-to-buy-u-s-software-developer-globallogic-for-9-6-billion","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/hitachi-to-buy-u-s-software-developer-globallogic-for-9-6-billion\/","title":{"rendered":"Hitachi to buy U.S. software developer GlobalLogic for $9.6 billion"},"content":{"rendered":"

TOKYO (Reuters) -Hitachi Ltd said on Wednesday it will buy U.S. software company GlobalLogic Inc for $9.6 billion, including repayment of debt, as the Japanese industrial conglomerate pivots from electronics hardware to digital services.<\/p>

FILE PHOTO: The logo of Hitachi is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS\/Arnd Wiegmann<\/figcaption>

The deal is the biggest Japanese outbound acquisition of a U.S. hi-tech company on record, according to Refinitiv data.<\/p>\n

The acquisition is part of Hitachi\u2019s ongoing business portfolio overhaul, which includes the $7 billion acquisition of ABB Ltd\u2019s power grid business last year and a series of divestitures of its domestic hardware subsidiaries.<\/p>\n

Hitachi\u2019s stock tumbled 7% on the Tokyo Stock Exchange, its sharpest daily fall in more than a year, on the news.<\/p>\n

San Jose-based GlobalLogic is currently owned 45% each by Canada Pension Plan Investment Board and Swiss investment firm Partners Group. The rest is owned by the company\u2019s management.<\/p>\n

Founded in 2000, GlobalLogic has more than 20,000 employees in 14 countries and offers software engineering services to 400 active clients in industries including automotive, healthcare, and finance.<\/p>\n

GlobalLogic\u2019s expertise stretches from chips to cloud services and will extend the range of Hitachi\u2019s own digital services business, company executives told a news conference.<\/p>\n

Past GlobalLogic projects include working with McDonald\u2019s on its customer app and in-store digital ordering system and with chipmaker Qualcomm on a fingerprint recognition system, according to its website.<\/p>\n

Hitachi aims to close the transaction, which will be funded with cash and bank loans, by the end of July.<\/p>\n

The conglomerate is in talks with private equity firms to sell Hitachi Metals Ltd, a deal that could fetch more than $6.4 billion, following the sale of its chemical unit and diagnostic imaging business.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TOKYO (Reuters) -Hitachi Ltd said on Wednesday it will buy U.S. software company GlobalLogic Inc for $9.6 billion, including repayment of debt, as the Japanese […]<\/p>\n","protected":false},"author":3,"featured_media":110975,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nHitachi to buy U.S. software developer GlobalLogic for $9.6 billion - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/hitachi-to-buy-u-s-software-developer-globallogic-for-9-6-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hitachi to buy U.S. software developer GlobalLogic for $9.6 billion - Fin2me\" \/>\n<meta property=\"og:description\" content=\"TOKYO (Reuters) -Hitachi Ltd said on Wednesday it will buy U.S. software company GlobalLogic Inc for $9.6 billion, including repayment of debt, as the Japanese [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/hitachi-to-buy-u-s-software-developer-globallogic-for-9-6-billion\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-31T11:44:59+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/03\/cnewsfotor1168.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/hitachi-to-buy-u-s-software-developer-globallogic-for-9-6-billion\/\",\"url\":\"https:\/\/fin2me.com\/markets\/hitachi-to-buy-u-s-software-developer-globallogic-for-9-6-billion\/\",\"name\":\"Hitachi to buy U.S. software developer GlobalLogic for $9.6 billion - 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