Singapore Technologies Engineering will buy Belgium-based satellite equipment ma...
FILE PHOTO: Visitors look at displays at the Singapore Technology Engineering booth during the opening day of the Singapore Airshow at Changi Exhibition Center February 16, 2016. REUTERS/Edgar Su
- Singapore Technologies Engineering will buy Belgium-based satellite equipment maker Newtec Group NV for 250 million euros . The company’s UK-headquartered unit Singapore Technologies Engineering will make a cash offer for Newtec, expanding its presence in the growing satellite communications industry, according to a ST Engineering statement issued late Wednesday.
The revenue and cost synergies of the new combined business are expected to produce about S$200 million in value, the company said. The deal is expected to complete in the second half of the year and is subject to regulatory approval in a few countries.Newtec was not immediately available for comment on the deal.
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