ST Engineering marks biggest-ever investment with $3.6b Transcore purchase
SINGAPORE – Home-grown engineering and aerospace giant ST Engineering has bought US-based transportation technology company TransCore Partners and TLP Holdings (collectively TransCore) for US$2.68 billion (S$3.63 billion).
The purchase from Roper Technologies, a Fortune 500 company, is the biggest ever investment made by the mainboard-listed company and represents a move by ST Engineering to become a major global player in next-generation smart city and smart mobility solutions.
The acquisition – funded by cash and the issuance of debt securities – is expected to give ST Engineering new capabilities and expertise in smart city solutions, particularly in rail and road.
TransCore has an 80-year track record in the North American transportation industry.
It provides innovative technical solutions and engineering services for applications encompassing next-generation electronic toll collection, congestion pricing, intelligent transportation systems, back office solutions and radio-frequency identification (RFID) products.
The company is contracted to deliver a congestion pricing project in Manhattan, New York, the first ever in the United States. Congestion pricing adds a surcharge for services that are subject to temporary or cyclical increases in demand.