Exxelia, a leading designer and manufacturer of high-performance passive components and sub-systems, on Thursday said it has acquired a majority stake in Alcon Electronics for nearly $100 million.
Exxelia completed the majority acquisition of Alcon Electronics on December 29, 2021, according to a company statement.
''We are excited to have Alcon join the Exxelia family! Alcon is an established, niche-market leader with great technology, very talented and committed teams and deep business and technical knowledge.
''Thanks to Alcon, we significantly strengthen our film and electrolytic product portfolio, and we gain a foothold in India which will allow us to better seize opportunities in this booming region and support our French customers with regards to their offset obligations,'' Paul Maisonnier, Chief Executive Officer of Exxelia, said.
With this partnership, Exxelia will benefit from the unique engineering capabilities of Alcon centered around testing and instrumentation equipment, leveraging it extensively within the group, the statement said.
''We found ourselves sharing common values and vision and we believe that this combination enhances the capabilities of both groups to serve our combined customer base in film & aluminum electrolytic capacitors both in India and globally,'' Siddharth Sachdev, Managing Director and Chief Executive Officer of Alcon Electronics said.
Lincoln International acted as the exclusive financial advisor to Exxelia, for this transaction and KPMG India acted as the exclusive financial advisor to the shareholders of Alcon Electronics.
On the Legal side, Pioneer Legal, India acted as the legal advisors to Alcon Electronics, and BTG Legal, India acted as the legal advisors to Exxelia.
Alcon is a leading Indian designer and manufacturer of catalog and custom-designed film & aluminum electrolytic capacitors, specifically serving the renewable energy, induction heating equipment, medical imaging, power generation, and railways end markets.
(With inputs from PTI)