SINGAPORE - StarHub, which holds a 51 per cent stake in Accel Systems & Technologies, has agreed to to acquire the other 49 per cent stake in the cyber security systems integrator.
The deal will be done in two phases, with StarHub first taking a 29.4 per cent stake this month, and the remaining 19.6 per cent by the first quarter of 2020.
Once both phases are complete, Accel will be a wholly-owned subsidiary of StarHub.
StarHub said the maximum cash price for the two phases will be up to S$26.2 million. The acquisition will be paid in cash and funded using internal cash resources.
Mr Tan Tong Hai, chief executive of StarHub, said: "Accel's cyber security solutions complement our network-based capabilities, making us well-placed to compete in major government and commercial cyber security tenders. In addition, this acquisition further demonstrates our confidence in growing the enterprise business as we execute on our growth strategy."