SP Group acquires Siemens’ 49% stake in Power Automation to become sole owner

[SINGAPORE] SP Group announced on Friday (Aug 29) that it is now the sole owner of Power Automation after acquiring Siemens’ stake in the joint venture.

Siemens had a 49 per cent stake in the company, which was set up in 1996 in conjunction with SP Group.

Power Automation is involved in power systems control, substation automation, protection systems and sustainable energy solutions.

SP Group said the acquisition will enable the group to expand its “critical engineering capabilities” for major projects, accelerate smart grid technology deployment and better support the energy transition.

Despite Siemens’ stake being bought out, Power Automation will maintain its collaboration with the German conglomerate. Its customers will have continued access to Siemens’ technologies and products, added the group.

SP Group is wholly owned by Singapore’s government investment fund, Temasek Holdings. The fund last month sold its 35 per cent stake in its Indian joint venture with French giant Schneider Electric for 5.5 billion euros (S$8.2 billion) in cash.

Last month, SP Group divested SPTel, its enterprise broadband connectivity joint venture with ST Engineering Urban Solutions, for S$290 million.