France – Assystem acquires stake in India-based firm; Covid delays deal

14 July 2021

Assystem announced earlier this month that it acquired a 99% stake in India-based engineering firm STUP Consultants Pvt. Ltd. The deal was originally scheduled to close at the end of May but was delayed because of the situation with Covid-19.

Assystem is paying between €21 million and €22 million; the consideration takes into account cash net of debt estimated to be some €1 million and is subject to typical net cash/debt and working capital adjustments.

STUP has €20 million in annual revenue and employs 1,100 people across India.

With the deal, Assystem aims to:

  • Draw on STUP’s human resources and networks so as to capitalise on the robust growth in the infrastructure engineering market in India.
  • Have an existing and solid base in India to be able to offer its globally recognised nuclear engineering services to the various players involved in the nuclear power plant construction program launched by the Indian government.
  • Further strengthen its skills and expertise in non-nuclear infrastructure engineering by leveraging the capabilities of STUP’s teams, to help drive Assystem’s international development.

Assystem, based in France, provides engineering services. Its MPH subsidiary focuses on recruitment for complex international projects in the nuclear, energy, aeronautics, defence and transport sectors.

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