Temasek to acquire StarHub's cryptographic tech firm D'Crypt
SINGAPORE, 8 August 2019 – TEMASEK Holdings has agreed to stump up as much as S$100 million to acquire cryptographic tech firm D’Crypt from StarHub and D’Crypt’s founding shareholders.
StarHub and the founding shareholders – Dr Antony Ng, Chew Hwee Boon and Dr Pang Liang Teck – will sell their 100 per cent stake in D’Crypt to Temasek for an initial aggregate cash consideration of S$100 million.
Of that sum, StarHub will receive S$65 million for its 65 per cent stake in D’Crypt.
But the founding shareholders stand to receive an additional earn-out consideration of up to S$33.6 million, if they achieve certain agreed business and performance milestones.
As part of the transaction, Ensign InfoSecurity – StarHub’s joint venture with Temasek – will be issued preference shares and be fully entitled to the economic rights of D’Crypt. Following the transaction, StarHub will hold 60 per cent of the economic interest in D’Crypt through its shareholding and interest in Ensign.
The transaction is expected to be completed by November this year.