ST Engineering gets nod for acquisition of TransCore
The Committee on Foreign Investment in United States approved the acquisition.
The Singapore Technologies Engineering Ltd. (ST Engineering) said the Committee on Foreign Investment in the United States (CFIUS) approved its proposed acquisition of transportation services firm, TransCore Partners, LLC.
In a statement, ST Engineering said CFIUS greenlighted its proposed acquisition of “all issued and outstanding interests of Transcore Partners, LLC and TLP Holdings, LLC.”
The CFIUS clearance will allow ST Engineering to obtain all applicable regulatory approvals to complete the proposed acquisition which must comply with the terms of the membership interests purchase agreement dated 1 October 2021.
The proposed acquisition is expected to close in March 2022 subject to the remaining conditions under the purchase agreement being satisfied or waived at closing.
ST Engineering, a global technology and engineering group, reported a revenue of $7.7b in financial year 2021 and is amongst the largest firms listed on the Singapore Exchange.