Newtec sold to ST Engineering

The specialist in amongst other satellite communication is being sold to Singapore Technologies (ST) Engineering. 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 (Newtec), an established Belgium-based company in the satellite communications (satcom) industry.

 The consideration of €250m (approximately S$383m) on a cash-free and debt-free basis for the Proposed Acquisition, subject to closing adjustments, is payable in cash. The proposed acquisition of Newtec will add intellectual property, products and market access. ST Engineering will continue to invest in Newtec in Belgium to position it to be the Group’s European centre for the satcom business. The complementary and synergistic effect of this proposed acquisition will enable ST Engineering to meet demand across the full spectrum of the satcom market. More information here.