Cyient has announced its intent to acquire Citec, a leading plant and product engineering services company in the Nordic region serving customers in energy (gas and renewables) and mining industries, for EUR94mn (~US$101mn). Citec’s revenues of EUR80mn (~US$86.3mn) are equivalent to 14% of Cyient’s FY22 revenues. Citec’s enterprise value is EUR94mn (~US$101.36mn).