ST Engineering Completes Newtec Acquisition
Singapore Technologies Engineering (ST Engineering) completed the acquisition of a 100% ownership in Newtec, following the fulfillment of completion conditions, including the receipt of applicable regulatory approvals. The consideration of approximately $383 (250 million euros) on a cash-free and debt-free basis for the Proposed Acquisition, subject to closing adjustments, is payable in cash.
“Now, as one combined business group, we will execute a streamlined process to fully integrate the two entities, covering business operations, sales and marketing, and the corresponding product portfolios, with the result being a unified go-to-market strategy and over time a converged technology offering,” Newtec stated in a press release.
This Newtec acquisition, together with the recent acquisition of Glowlink Communications Technology, aims to enable ST Engineering to create a global satcom business group. Newtec will be renamed as ST Engineering iDirect (Europe) NV. The acquisition is not expected to have any material impact on the earnings per share of ST Engineering for the current financial year.