Singapore Technologies Engineering (ST Engineering) has completed the acquisition of Belgian company Newtec Group NV, a specialist in satellite communications.
ST Engineering said on 1 October that the acquisition, which features 100% ownership, is channelled through its subsidiary Singapore Technologies Engineering (Europe). Newtec has been renamed ST Engineering iDirect (Europe) NV.
ST Engineering announced its intention to acquire Newtec in March 2019. At the time, ST Engineering valued the acquisition at EUR250 million (USD273 million), with funds payable in cash.
The company added that the acquisition is intended to boost ST Engineering's intellectual property, products, and market access in the satellite communications sector.
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