Keppel T&T buys into the US

The once staid firm of Keppel has bought a stake in a US IT services company, showing that its ambitions are now global.

Keppel TT of Singapore has announced it has bought a 20% equity stake in US IT services company, Computer Generated Solutions CGS. Keppel paid $80 million for the investment, which includes an option to purchase a further 10% of the US firm within three years for either $40 million or $50 million depending on the date of exercise of the option.

Keppel TT will issue 75 million new shares to pay for the deal. The...

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