ST Engineering betting US$2.7b on two US transport solutions firms in its biggest deal ever

IN what marks the biggest deal ever by Singapore Technologies Engineering (ST Engineering) S63 , the engineering and aerospace giant has agreed to fork out US$2.68 billion in cash to buy two US-based firms that provide technical solutions and engineering services to the transportation industry.

The mainboard-listed firm's acquisition of the entire interests in TransCore Partners and TLP Holdings will accelerate the growth of its smart city business and position it as a market leader in smart mobility, ST Engineering's group chief executive Vincent Chong told analysts and the media at a briefing on Sunday.

An extraordinary general meeting will be held for shareholders to vote on the transaction, which is expected to close by end-March 2022, said the firm in a statement.