New Delhi: IT services major HCL Technologies today said it has completed its USD 85 million acquisition of Butler America Aerospace. The all-cash deal, announced in October last year, will strengthen HCL Technologies' position in the aerospace and defence engineering services space.
"The acquisition has been completed with effect from January 3, 2017," HCL said in a filing to the BSE. Butler Aerospace provides engineering, design services and aftermarket engineering services to US aerospace and defence customers, serving them in areas of mechanical and structural design, electrical design, tool design and aftermarket engineering services.
The acquisition excludes staffing business of Butler America Inc. Butler America Aerospace had revenues of USD 85.4 million for the year ended December 31, 2015. With over 900 engineers and seven design centres in the US, Butler Aerospace has a marque list of clients.
