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ST Engineering expands satellite communication play with $281 mln buy

Reuters SG

March 28 (Reuters) - Singapore Technologies Engineering will buy Belgium-based satellite equipment maker Newtec Group NV for 250 million euros ($281.23 million).

The company's UK-headquartered unit Singapore Technologies Engineering (Europe) will make a cash offer for Newtec, expanding its presence in the growing satellite communications industry, according to a ST Engineering statement issued late Wednesday.

The revenue and cost synergies of the new combined business are expected to produce about S$200 million ($147.55 million) in value, the company said.

The deal is expected to complete in the second half of the year and is subject to regulatory approval in a few countries.

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Once completed, it will also add to the ST Engineering's earnings from the second year onwards.

Newtec was not immediately available for comment on the deal. ($1 = 0.8890 euros) ($1 = 1.3555 Singapore dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Rashmi Aich)