Under the deal, ST Electronics will pay S$24.8 million (US$14.6 million) in cash for a 21.35 percent stake in ECS, a regional IT services provider and products distributor based in Singapore.
According to a joint statement, this acquisition was made through SES, ST Electronics’ systems integration subsidiary.
SES specializes in security systems and applications, with regional governments being one of their being key target markets. The new investment would allow the company to integrate its software development skills with ECS's strengths in enterprise IT infrastructure, SES said.
"In addition, it will enhance SES’ marketing network in Asia through ECS’ regional distribution channels spanning countries like China, Thailand, Indonesia, and Malaysia", the firm added.
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