Singapore Technologies Engineering has entered into a conditional share purchase agreement to acquire a 100% ownership in Newtec Group, a Belgium-based company in the satellite communications industry.
The consideration of €250 million on a cash-free and debt-free basis, subject to closing adjustments, is payable in cash.
Mark Jennings, COO of Panasonic Avionics, said the combination of ST Engineering and Newtec, “will speed time to market and accelerate the innovation cycles needed to best serve our inflight connectivity customers . . . Newtec’s modem has played a key role in our global Ku-band high throughput satellite service, and we have an aggressive plan to upgrade all remaining and future aircraft to this technology. We have shared our future development plan with the combined ST Engineering team, and they are ready to meet that schedule.”