SP Group acquires Siemens AG’s 49% stake in Power Automation

SP Group acquires Siemens AG’s 49% stake in Power Automation

SP Group, a Singapore-based energy and urban solutions company, has announced the acquisition of Siemens AG’s 49% stake in Power Automation, making SP Group the sole owner of the joint venture. This strategic move is set to enhance SP Group’s engineering capabilities and accelerate its deployment of smart grid technology, supporting the broader energy transition.

Power Automation, established in 1996, is involved in power systems control, substation automation, protection systems, and sustainable energy solutions. The acquisition will enable SP Group to expand its critical engineering capabilities for major projects and integrate Siemens’ advanced technologies more seamlessly. Despite the change in ownership, Power Automation will continue to collaborate with Siemens, ensuring customers maintain access to Siemens’ products and technologies.

SP Group is wholly owned by Singapore’s government investment fund, Temasek Holdings. This acquisition follows Temasek’s recent divestment of its 35% stake in its Indian joint venture with Schneider Electric, which was sold for 5.5 billion euros (S$8.2 billion) in cash.

The acquisition is a significant step for SP Group in its expansion strategy, aligning with its goals to enhance its capabilities in critical engineering and support the global transition to sustainable energy solutions.

References:
[1] https://www.businesstimes.com.sg/companies-markets/sp-group-acquires-siemens-49-stake-power-automation-become-sole-owner