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Sector
Industrials
Size
Large Cap
Market Cap £6.28bn
Enterprise Value £6.93bn
Revenue £3.86bn
Position in Universe 269th / 6095

ST Engineering expands satellite communication play with $281 mln buy

Thu 28th March, 2019 1:36am
March 28 (Reuters) - Singapore Technologies Engineering
 STEG.SI  will buy Belgium-based satellite equipment maker
Newtec Group NV for 250 million euros ($281.23 million).
    The company's UK-headquartered unit Singapore Technologies
Engineering (Europe) 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 ($147.55 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.
    Once completed, it will also add to the ST Engineering's
earnings from the second year onwards.
    Newtec was not immediately available for comment on the
deal. 

($1 = 0.8890 euros)
($1 = 1.3555 Singapore dollars)

 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Rashmi Aich)
 ((NikhilKurian.Nainan@thomsonreuters.com; +91 806 749 1637;
Reuters Messaging:
nikhilkurian.nainan.thomsonreuters.com@reuters.net; Twitter:
@NikhilKurianN))
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