Mitsubishi Electric to Fully Acquire Nozomi Networks for $883M

Mitsubishi Electric to Fully Acquire Nozomi Networks for $883M

Mitsubishi Electric, a leading provider of electric and electronic equipment, is set to fully acquire Nozomi Networks, a US-based operational technology security solutions provider, in a deal worth $883m. The transaction, expected to close in 2023, will make Nozomi a wholly owned subsidiary of Mitsubishi Electric.

Nozomi Networks, founded in 2016, employs over 300 people and is headquartered in San Francisco, California. Mitsubishi Electric currently holds a 7% stake in the company. The acquisition process will be carried out via a reverse triangular merger, with Mitsubishi Electric's special purpose vehicle, Nirvana Merger Sub (SPC), merging with Nozomi Networks.

Shareholders of Nozomi Networks will receive cash consideration for their shares, which will be cancelled and converted into the right to receive the merger consideration, excluding the shares already owned by Mitsubishi Electric. Upon completion, all shares of SPC will become common shares of Nozomi Networks.

Notable figures like Andrea Carcano, co-founder and Chief Product Officer, and Anton Shipulin, involved in advocacy for the company, will likely play significant roles in the transition. Mitsubishi Electric aims to accelerate its Serendia digital platform and associated businesses by integrating Nozomi Networks' advanced intrusion detection and visualisation technologies. The acquisition will also enable the co-creation of new services with customers.

The acquisition, subject to regulatory approvals and customary conditions, is expected to close in 2023. It will strengthen Mitsubishi Electric's position in the operational technology security sector and expand its service offerings.

Read also:

• Unveiling the Less-Discussed Disadvantages of Buds - Revealing the Silent Story
• Grid Risk Evaluation Strategy By NERC Outlined, Focusing on Potential Threats from Data Centers
• Rapid Expansion in Organic Rice Protein Market Projected at 15.6% Through 2034
• Vantor & Lanteris Fuel US Intelligence with Innovative Tech