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Electronics

NEC buys Swiss firm Avaloq for $2.2bn in global fintech push

Japanese electronics company makes biggest acquisition to date

NEC plans to plug the Swiss fintech company into its own sales channels to continue expansion in the growing sector.   © Reuters
JADA NAGUMO and NIKI MIZUGUCHI, Nikkei staff writers | Japan

TOKYO -- Japanese electronics giant NEC will purchase Swiss banking software developer Avaloq Group for 2.05 billion Swiss francs ($2.2 billion), the company said on Monday.

NEC plans to acquire all 52,488 shares by April 2021, as it looks to leverage the Swiss company's knowledge and digital finance software technology for growth.

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