Status: Clearance
Acquirer: Singapore Technologies Engineering Ltd. (Singapore)
Acquired: Newtec Group NV (Belgium)
Value: $270 million
Industry Tags: Telecommunications; Satellites
On March 27, 2019, Singapore Technologies Engineering Ltd., a professional services and engineering company incorporated in Singapore and listed on the Singapore Exchange (SGX-S63), 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) (the “Proposed Acquisition”), an established Belgium-based company in the satellite communications (satcom) industry.” (Press Release, ST Engineering Positions for Growth in Satcom Market, with Offer to Acquire Newtec for €250m, Mar. 27, 2019.) “Newtec is a key technology provider in the satellite broadcast segment with unique ultra-high throughput capabilities and a strong presence in the European satcom market . . . . [and] was among the first companies to successfully test over-the-air communication via [low earth orbit] satellites.” (Id.) “The proposed acquisition of Newtec will add intellectual property, products and market access.” (Id.) The announcement stated that the acquisition was “[s]ubject to regulatory approvals and conditions that include receipt of clearance from the Committee on Foreign Investment in the United States . . .” (Id.) Singapore Technologies Engineering Ltd. announced that on October 1, 2019, “its subsidiary Singapore Technologies Engineering (Europe) Ltd . . . completed the acquisition of a 100% ownership in Newtec Group NV (Newtec) following the fulfilment of completion conditions, including the receipt of applicable regulatory approvals.” (Press Release, ST Engineering Completes Acquisition of Newtec Group NV,Oct. 1, 2019.)
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