CPPIB sells its stake in GlobalLogic to Hitachi
Hitachi Ltd. is buying U.S. digital engineering services company GlobalLogic Inc. for $9.6 billion.
Technology / IIoT
The Canada Pension Plan Investment Board has signed a deal to sell its 45 per cent stake in GlobalLogic Worldwide Holdings, Inc., the parent company of GlobalLogic Inc., to Hitachi Ltd.
The pension fund manager says it expects US$3.8 billion in net proceeds from the sale which is based on a US$9.5-billion enterprise value for the company.
GlobalLogic is a digital engineering services provider.
It has design studios and software engineering centres around the world.
CPP Investments has held a joint lead ownership equity stake in GlobalLogic since 2017.
Partners Group, which has been an equal equity partner in GlobalLogic since 2018, is also selling its stake to Hitachi.