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Business deals

N.Y. congestion pricing operator bought by Singapore company

Defense contractor ST Engineering revs up smart city business with $2.7bn deal

A traffic jam at an Indonesian toll gate in May: ST Engineering looks to bring TransCore's electronic toll collection and other systems to Southeast Asia.   © Reuters

SINGAPORE -- Singapore Technologies Engineering will buy U.S. transportation systems provider TransCore for $2.68 billion to bolster its urban mobility business, a recent area of focus for the state-linked defense manufacturer.

The deal, announced Sunday, represents ST Engineering's largest-ever purchase. TransCore is a major developer and operator of electronic toll collection, congestion pricing and other transportation services, and a technological leader in areas such as radio frequency identification, or RFID.

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