Hitachi said on Wednesday it will buy U.S. software company GlobalLogic for $9.6 billion, including repayment of debt, as the Japanese industrial conglomerate pivots from electronics hardware to digital services. From a report: The deal is the biggest Japanese outbound acquisition of a U.S. hi-tech company on record, according to Refinitiv data. The acquisition is part of Hitachi’s ongoing business portfolio overhaul, which includes the $7 billion acquisition of ABB’s power grid business last year and a series of divestitures of its domestic hardware subsidiaries. Hitachi’s stock tumbled 7% on the Tokyo Stock Exchange, its sharpest daily fall in more than a year, on the news.
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Source:: Slashdot