ST Engineering now wholly-owns TransCore

The acquisition will expand the firm’s footprint in North American.

The Singapore Technologies Engineering Ltd. (ST Engineering) now wholly-owns TransCore Partners, LLC and TLP Holdings, LLC (TransCore) after it completed the acquisition of all issued and outstanding interests of the transportation services firm.

The acquisition is in line with the terms of the membership interests purchase agreement dated 1 October 2021.

It can also be recalled that ST Engineering had received approval from the Committee on Foreign Investment in the United States on its proposed acquisition of transportation services firm, TransCore Partners, LLC.

ST Engineering CEO Vincent Chong said the latest acquisition will expand the firm’s footprint in North America and contribute to their Smart City growth.

“The U.S. is a key market for ST Engineering, and the addition of a market leader like TransCore will expand our North American footprint, workforce and capabilities in a significant way. TransCore will play a key role in contributing to our Smart City growth ambitions, and we warmly welcome the TransCore team to ST Engineering,” said Chong.

This acquisition is expected to be cash flow positive from the first year and earnings accretive for ST Engineering from the second year post-acquisition.