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 new share issue constitutes just over 16% of the firm's issued and paid up capital. This placement is subject to the approval of the Singapore Exchange.

This is a very important and major...

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