Mitsubishi Electric to Acquire Nozomi Networks for $883M, Boosting Serendia Platform
Mitsubishi Electric is set to fully acquire Nozomi Networks, a US-based provider of operational technology security solutions, in a deal worth $883m. The transaction is anticipated to close in 2023, subject to regulatory approvals and customary conditions.
Mitsubishi Electric aims to accelerate its Serendia digital platform and associated businesses by integrating Nozomi Networks' advanced intrusion detection and visualisation technologies. The acquisition process will be carried out via a reverse triangular merger, with Mitsubishi Electric's special purpose vehicle merging with Nozomi Networks. Upon completion, Nozomi Networks will become a wholly owned subsidiary of Mitsubishi Electric.
Founded in 2013 by Andrea Carcano and others, Nozomi Networks has a workforce of over 300 people and is headquartered in San Francisco, California. The acquisition will enable Mitsubishi Electric and Nozomi Networks to co-create new services with customers. Shareholders of Nozomi Networks will receive cash consideration for their shares, which will be cancelled and converted into the right to receive the merger consideration, excluding the shares already owned by Mitsubishi Electric.
This acquisition builds on Mitsubishi Electric's earlier collaboration with HD Renewable Energy, announced in February 2023, aimed at achieving carbon neutrality. With this deal, Mitsubishi Electric strengthens its position in the operational technology security sector, while Nozomi Networks gains access to new markets and resources.
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