07 July 2017
Singapore, 7 July 2017 – StarHub Ltd today announced an agreement to acquire the remaining 49% stake in Accel Systems & Technologies Pte. Ltd. in two phases: 29.4% in Phase 2 and 19.6% in Phase 3. Following the completion of the two phases, Accel will be a wholly-owned subsidiary of StarHub.
Mr Tan Tong Hai, Chief Executive Officer of StarHub, said: “We are pleased to welcome Accel to the StarHub family. 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.”
Subject to the fulfilment of certain mutually-agreed conditions, the maximum aggregate cash consideration for the two phases will be up to S$26,220,000. The acquisition will be paid in cash and funded using internal cash resources. Phase 2 is expected to close by July 2017 while Phase 3 is expected to close by the first quarter of 2020.