India-based Sona BLW Precision Forgings has agreed to acquire at least a 54% stake in Serbia-based NOVELIC d.o.o. Beograd – Zvezdara for €40.5 million in cash.
NOVELIC is a provider of mmWave radar sensors, perception solutions, and full-stack embedded systems.
The company’s portfolio of mmWave radar solutions and perception solutions enable off-the-shelf and custom product focused on autonomous driving and automation.
NOVELIC also undertakes full cycle development of electronics and software services based on its hardware-in-loop (HIL) systems, ECU hardware/software platform, control systems, annotation tools, and other in-house platforms.
The deal’s scope also covers the acquisition of Nirsen d.o.o. Beograd-Zvezdara (Nirsen), which is owned by NOVELIC’s founders and is involved in the business of chip designing.
Sona BLW Precision Forgings said that it will tap NOVELIC’s capabilities in sensors and perception solutions to help its subsidiary Sona Comstar grow in the autonomous and connected vehicle technologies segment.
The deal, which is expected to close in March 2023, is subject to the signing of definitive agreements and the meeting of certain preceding conditions.
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