ST Electronics buys 51% stake in SP Telecommunications

It now owns a 51% share in SPTel.

ST Electronics, an arm of Singapore Technologies Engineering, has announced that it has completed an acquisition of a 51% share in SP Telecommunications PTE Ltd (SPTel) for a consideration of $55m, with Singapore Power (SP) holding the remaining 49%.

The company states that the shareholders' agreement established between the companies in this acquisition will regulate their respective rights and responsibilities as shareholders of SPTel.

Both ST Electronics and SPTel stand to benefit with this acquisition going forward.

“The combination of the Info-Communications Technology (ICT) expertise of ST Electronics and the assets of SPTel will enhance ST Electronics’ capabilities in providing ICT solutions for government and enterprise customers. This is in line with ST Electronics' strategy to build a more comprehensive suite of ICT offerings and strengthen its position in the Smart City market.”