ST Engg to buy General Electric unit for US$630m

Singapore

MAINBOARD-listed Singapore Technologies Engineering (ST Engineering) has agreed to acquire General Electric's MRA Systems LLC (MRAS) - in what will be its largest takeover to date - for some US$630 million.

ST Engineering's US subsidiary, Vision Technologies Aerospace, has entered into the agreement on a "cash-free, debt-free basis", subject to closing adjustments for underfunded pension obligations, and other debt-like items.