The deal will help the Singapore-based engineering group to expedite its smart city growth
ST Engineering to buy TransCore for accelerating smart city growth. (Credit: Adrega from Pixabay)
Singapore Technologies Engineering (ST Engineering) has agreed to acquire TransCore Partners and TLP (collectively TransCore) from an indirect fully-owned subsidiary of Roper Technologies for $2.68bn.
TransCore is a US-based provider of technical solutions and engineering services to transportation departments and agencies around the world.
It offers electronic tolling solutions, intelligent transportation systems (ITS), tolling customer service and revenue transaction centres, congestion pricing, and radio frequency identification (RFID) technology for tolling and access control.
The company holds a contract for executing a congestion pricing project in Manhattan, New York.
ST Engineering, which is a Singapore-based engineering group, said that the acquisition will speed up its smart city growth and put it in a top position in the smart mobility sector.
ST Engineering group president and CEO Vincent Chong said: “The Smart City space has been an important strategic focus area for ST Engineering.
“TransCore is a strong strategic fit for us and its road transportation solutions will complement and enhance our suite of Smart Mobility rail and road solutions. With this acquisition, we will be uniquely positioned as a Smart Mobility market leader, underpinned by our strengths in technology and innovation.
“This acquisition demonstrates our continued commitment to create long-term value for our shareholders through sustainable global growth.”
Furthermore, TransCore’s electronic toll collection, ITS, and congestion pricing solutions are said to be largely complementary to ST Engineering’s smart, integrated mobility solutions. The combination is expected to create a comprehensive suite of smart mobility offerings for customers.
Roper Technologies president and CEO Neil Hunn said: “ST Engineering will be a great owner for TransCore and will support the business as it pursues the next phase of its innovative work in traffic management, tolling technology, and smart city infrastructure.”
Roper Technologies will retain its DAT and Loadlink network software businesses which were acquired by the company alongside TransCore in 2004.
The deal, which is subject to regulatory approvals, customary closing conditions as well as ST Engineering’s shareholders’ approval, is expected to close by the end of Q1 2022.