The service offering overlap is limited to 5% which offers cross-sell opportunities of TECHM's engineering and manufacturing services into Pininfarina's client base. TECHM's engineering services (~6% of revenue at US$225mn annual rate) is expected to be complemented by Pininfarina's offerings and the addressable market of outsourced automotive engg. services is estimated at US$10bn (US$2bn increase in addressability with Pininfarina deal). We believe that augmenting of design skills will support the digital expansion of TECHM. The sector is rapidly scaling-up its digital capabilities by acquiring and expanding design skills; Accenture's expansion of Fjord...