Singapore Technologies Engineering has released that its U.S. subsidiary, iDirect Government, has acquired 100% ownership of Glowlink Communications Technology. This acquisition was carried out by way of a merger through a newly incorporated special purpose vehicle, Intrepid Merger Sub and Glowlink, with Glowlink being the surviving entity.
The aggregate purchase consideration was US$20 million on a cash-free and debt-free basis plus employment-based retention payment of up to US$5 million subject to fulfilment of certain conditions.
