ST Engineering Offers to Buy Newtec
Posted on 03/28/2019
Singapore Technologies Engineering Ltd (ST Engineering or the Group) announced that its subsidiary Singapore Technologies Engineering (Europe) Ltd, has entered into a conditional share purchase agreement to acquire a 100% ownership in Newtec Group NV, an established Belgium-based company in the satellite communications industry.
ST Engineering offered €250 million on a cash-free and debt-free basis for the proposed acquisition.
The transaction is subject to regulatory approvals and conditions that include receipt of clearance from the Committee on Foreign Investment in the United States, Foreign Investment Review in France, and anti-trust approvals in Austria. The proposed acquisition is expected to finalize in the second half of 2019.
ST Engineering has been growing its satellite communications through its U.S.-based iDirect and Singapore-based satellite communications product and solution business.
