ST Electronics to pick up 51% stake in SPTel

Singapore

SINGAPORE Technologies Electronics (ST Electronics), the electronics arm of Singapore Technologies Engineering (ST Engineering), has entered into a conditional share purchase agreement to acquire a majority stake in SP Telecommunications (SPTel), according to a company filing on Wednesday.

ST Electronics will acquire a 51 per cent stake in SPTel from Singapore Power for a purchase consideration estimated at S$54 million, to be finalised post-closing, subject to a maximum of S$60 million. SP will retain a 49 per cent stake in SPTel, which owns an extensive network of fibre optic back-haul infrastructure and facilities in Singapore and provides, among others, connectivity to data centres.