ST Engineering to acquire Volant Aerospace for $16 million
ST Engineering announced its intentions to acquire 100 per cent equity interest in Volant Aerospace today.
The transaction will be completed for a purchase consideration of US$13.1 million (S$16 million), with Volant effectively becoming a wholly owned subsidiary of VT Aerospace, ST Engineering's United States unit.
The strategic move is part of ST Engineering's plans to develop the cabin refurbishment capabilities of its aerospace sector.
Volant has estimated net tangible assets of US$1.8 million, and the transaction is expected to close by the end of the year.