Stamford Law is advising Norwegian-listed Eltek ASA (‘Eltek’) in relation to Singapore Technologies Electronics (‘ST Electronics’)’s proposed S$162 million acquisition of SGX-listed Nera Telecommunications (‘NeraTel’) by way of a scheme of arrangement. Eltek is the largest shareholder of NeraTel and has agreed to sell its entire 50.05% interest in NeraTel in line with Eltek’s strategic refocusing on its power electronics business.
NeraTel and ST Electronics have entered into an implementation agreement in relation to the scheme, which is targeted to complete on or before August 2012. Structured as a scheme, the transaction will require the approval of shareholders of NeraTel and sanction by the High Court of Singapore. The transaction also involves cross-jurisdictional legal and regulatory issues, with Eltek and NeraTel being listed on different stock exchanges.
Eltek is a strategic technology partner within power solutions through EltekValere, and a regional supplier of transmission systems, satellite communications and infocomm systems through NeraTel. Eltek reported revenue of NOK 4 billion in 2010 and has close to 2,700 employees in close to 40 countries.
NeraTel offers radio transmission, satellite communications and infocomm equipment and services to the Asian markets. NeraTel has more than 500 employees and reported revenue of S$155 million in 2010.
ST Electronics is the electronics arm of the ST Engineering group of companies, which delivers innovative system solutions to government, commercial, defence and industrial customers worldwide, and markets its solutions to more than 100 countries internationally.
Leading the Stamford Law deal team are Lean Min-tze and Elizabeth Kong.
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