Over the weekend, Singapore Technologies Engineering Ltd (SGX: S63), or STE, announced the acquisition of TransCore, an indirect wholly-owned subsidiary of Roper Technologies Inc (NYSE: ROP) for US$2.68 billion.
Major STE shareholder Temasek Holdings has indicated that it will vote in favour of this transaction.
The engineering conglomerate has undoubtedly been one of the more resilient blue-chip stocks during the recent downturn.
This acquisition comes after a failed bid by the group to acquire Cubic Corporation back in March this year.
The company’s last acquisition was two years ago, where it bought Newtec, a satellite communication company, for EUR 250 million.
STE’s share price has surged to a seven-week high of S$3.88 on the news.