Mitsubishi Electric announced that it would acquire major U.S. software developer PCI Energy Solutions for $1.4 billion. The acquisition will be completed by the end of the year, after which PCI will become a wholly owned subsidiary of Mitsubishi Electric and provide energy-use optimization worldwide.
Mitsubishi Electric announced on the 20th that it would acquire U.S.-based PCI Energy Solutions, which manages electricity trading, for $1.4 billion (approximately ¥220 billion). The acquisition would be the largest in the company's history.
Following the acquisition, Mitsubishi Electric's power control technologies and equipment will be combined with PCI's software to provide the "Smart Energy" service, optimizing energy use as a whole in locations around the world. PCI is expected to become a wholly owned subsidiary of Mitsubishi Electric.
The company plans to complete the acquisition by the end of the year after obtaining regulatory approval, and expects to accelerate the integration of its businesses in the global energy solutions sector.