TOKYO (dpa-AFX) - Japan's Mitsubishi Electric Corp. (MIELY, MIELF, 6503.T) announced Thursday an agreement to acquire US-based PCI Energy Solutions for a purchase price of $1.40 billion.
The deal is expected to be completed in 2026, subject to the receipt of applicable regulatory approvals and the satisfaction or waiver of other customary closing conditions.
Upon completion of the acquisition, PCI will become a wholly owned subsidiary of the Japanese electrical and electronic equipment maker.
PCI, an enterprise software provider of energy management and optimization platforms, serves a broad spectrum of power companies. These include utilities, public power entities, independent power producers, and other wholesale market participants.
It mission-critical software supports end-to-end power trading, generation and transmission operations, supply-demand planning, risk management, and settlement, primarily in North America.
In Tokyo, Mitsubishi Electric shares closed Thursday's regular trading at 5,655.00 yen, up 0.25%.
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