ST Engineering betting US$2.7b on two US transport solutions firms in its biggest deal ever
Add BT as a preferred source
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.
TRENDING NOW
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Simba ordered to pay S$700,000 in damages to indoor skydiving operator Altitude Xperience for trespass
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
As luxury retail goes big, can Singapore’s Orchard Road keep up?
