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ST Engineering says ST Electronics (Info-Software Systems) (STEE-InfoSoft) has acquired the remaining 30% equity stake in PM-B from the other existing shareholder, Nicky Ting, for a total cash consideration of $2 million.
With the acquisition, PM-B becomes a wholly-owned subsidiary of STEE-InfoSoft, which in turn is a wholly-owned subsidiary of ST Electronics, the electronics arm of ST Engineering.
PM-B, which was established in 1991, specialises in the design and implementation of mission critical, customised data centres, and disaster recovery facilities and has successfully started data centre co-location service.
As a wholly owned subsidiary, PM-B will help grow ST Electronics’ data centre and cloud computing business.