Singapore Technologies Engineering acquired a 100% ownership in Newtec Group, an established Belgium-based company in the satellite communications (satcom) industry for €250m ($281m). The proposed acquisition of Newtec will add intellectual property, products and market access. ST Engineering will continue to invest in Newtec in Belgium to position it to be the Group’s European centre for the satcom business. The complementary and synergistic effect of this proposed acquisition will enable ST Engineering to meet demand across the full spectrum of the satcom market. “This proposed acquisition expands our satcom business in a meaningful way in an attractive industry that is high-tech and high-growth, driving connectivity advances in a world where 5G and satcom converge. It aligns with our strategy to invest in businesses that help accelerate our growth trajectory, especially in Smart City, to deliver long-term shareholder value,” Vincent Chong, ST Engineering President & CEO.