Acquirer: Singapore Technologies Engineering Ltd. (Singapore)
Acquired: MRA Systems, LLC (U.S.)
Value: $506 million
Industry Tags: Aerospace; Manufacturing
On September 13, 2018, Singapore Technologies Engineering Ltd., a professional services and engineering company incorporated in Singapore and listed on the Singapore Exchange (SGX-S63), announced that its US subsidiary, Vision Technologies Aerospace Incorporated, “entered into a conditional share purchase agreement to acquire a 100% ownership in MRA Systems, LLC (MRAS) from General Electric Company . . . . (Press Release, ST Engineering to Acquire Nacelle Manufacturer for Aggregate Purchase Consideration of US$630m, Sept. 13, 2018.) “MRAS is an established Original Equipment Manufacturer (OEM) of engine nacelle systems for both narrowbody and widebody aircraft. Based in Baltimore, Maryland, USA with approximately 800 employees, MRAS has two principal business lines: (1) design, development, production and sale of nacelles, thrust reversers and aerostructures, and (2) spare parts sales.” (Id.) Singapore Technologies Engineering stated that the transaction was subject to the “receipt of clearance from the Committee on Foreign Investment in the United States . . . .” (Id.) CFIUS clearance was pending as of March 29, 2019. (See (Press Release, ST Engineering Updates on the Proposed Acquisition of MRAS, Sept. 13, 2018.) On April 14, 2019, Singapore Technologies Engineering reported that it “received clearance from the Committee on Foreign Investment in the United States,” (Press Release, ST Engineering Updates on the Receipt of Clearance from CFIUS for the Proposed Acquisition of MRAS, Apr. 14, 2019,) and the transaction closed on April 18, 2019. (Press Release, ST Engineering Completes Acquisition of MRA Systems, LLC, Apr. 18, 2019.)
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