ST Electronics completes acquisition of PM-B

ST Electronics' takeover of PM-B will improve the former’s data centre and cloud computing business.

ST Engineering on Wednesday announced that ST Electronics (Info-Software Systems) Pte. Ltd. (STEE-InfoSoft) has acquired the remaining 30% equity stake in PM-B Pte Ltd (PM-B) from the other existing shareholder, Mr Nicky Ting, for a total cash consideration of S$2m. The purchase consideration was arrived at on a willing buyer willing seller basis taking into consideration PM-B's current performance. With the acquisition, PM-B becomes a wholly owned subsidiary of STEE-InfoSoft, which in turn is a wholly owned subsidiary of ST Electronics, the electronics arm of ST Engineering.

PM-B, which was established in 1991, specialises in the design and implementation of mission critical, customised data centres, and disaster recovery facilities of up to Tier 3 plus standards. Leveraging ST Electronics' capabilities, PMB has successfully started data centre co-location service, according to a ST Engineering report.

As a wholly owned subsidiary, PM-B will augment ST Electronics' established track record in mission critical systems, forming a strong platform to grow ST Electronics' data centre and cloud computing business.