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Ones and zeroes

5 October 2020 By Pete Sweeney

IT conglomerate NEC will splash out $2.2 bln on private equity-backed Swiss fintech firm Avaloq. At 21 times adjusted EBITDA, it’s not cheap. But with new Prime Minister Yoshihide Suga vowing to digitise ministries and banks, the deal is well-timed for both sides.

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