Hitachi to Buy Software Firm GlobalLogic for $8.5 Billion

(Bloomberg) -- Hitachi Ltd. will pay $8.5 billion for U.S. software development company GlobalLogic Inc., a move that could help the Japanese firm expand its technology services business.

The size of the deal will increase to $9.6 billion when debt is included, Hitachi said in a statement Wednesday. The acquisition -- targeted for completion by end-July -- will be one of the largest ever for Hitachi, a storied Japanese name that grew out of electronics into a railway to electrical equipment conglomerate that’s begun investing in providing gear for the so-called internet of things. Its shares closed down 7.3% in Tokyo.

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