March 27, 2019 – Singapore Technologies Engineering Ltd (ST Engineering or the Group) announced that its subsidiary Singapore Technologies Engineering (Europe) Ltd, has entered into a conditional share purchase agreement to acquire a 100% ownership in Newtec Group NV (Newtec) (the “Proposed Acquisition”), an established Belgium-based company in the satellite communications (satcom) industry. The consideration of €250m (approximately S$383m) on a cash-free and debt-free basis for the Proposed Acquisition, subject to closing adjustments, is payable in cash. Subject to regulatory approvals and conditions that include receipt of clearance from the Committee on Foreign Investment in the United States, Foreign Investment Review in France, and anti-trust approvals in Austria, the Proposed Acquisition is expected to complete in 2H2019.