Singapore Telecommunications Ltd via its wholly-owned subsidiary Singtel Enterprise Security (US) or SES US, has acquired the remaining 2 per cent stake of Chicago-based cybersecurity firm Trustwave for $12 million in cash.
The acquisition will see Singtel taking 100 per cent ownership in Trustwave, said the telco firm in a local stock exchange filing. This portal has reported that the remaining 2 per cent stake was held by Trustwave chairman and chief executive Robert J McCullen.
Meanwhile, Singtel also announced that SES US has increased its share capital by $12 million to $408.7 million via the issue of 12 million shares at $1 each to its holding company, Singtel Enterprise Security (Australia).
Singtel had, in September 2015, acquired 98 per cent equity in Trustwave for $770 million – $40 million lower than the deal price of $810 million announced five months before the completion of the acquisition.
The acquisition has made Singtel a major player for the managed security services market in Asia.