Singapore Technologies Engineering has completed the acquisition of Transcore, three days after it has cleared all regulatory hurdles for its largest ever acquisition.
On March 15, the company announced that the Committee on Foreign Investment in the United States (CFIUS) has approved its US$2.7 billion acquisition of TransCore, a US based traffic management company.
After ST Engineering announced the deal last October, there were quarter in the US who opposed the deal, citing security concerns.
Specifically, they suggested that data generated when drivers go through the toll gates operated using TransCore’s systems, might be a security risk, as the data might be shared with other parties.
The assertions had been denied by ST Engineering.
ST Engineering is no stranger to making acquisitions in the US. It had previously obtained CFIUS approvals for all 11 of its past deals in the US where such clearances had been sought.
Photo: TransCore / ST Engineering