HEICO (HEI) said Monday that its Exxelia unit has acquired 70% of India-based SVM for an undisclosed sum paid in cash.

SVM's founder and managing director Ramprasad Meka will keep the remaining stake and remain in his leadership position, HEICO said, adding that it plans for SVM to continue operating from its current facility in Chennai, India, and doesn't expect significant employee turnover from the acquisition.

HEICO stated that it expects the acquisition to be accretive to earnings within the year following closing.

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