U.S.-based Roper Technologies Inc said on Sunday it has agreed to sell its TransCore business to Singapore Technologies Engineering Ltd for $2.68 billion.

ST Engineering, a technology, defense and engineering group, will buy TransCore in cash, Roper said in a statement. “With the addition of TransCore, ST Engineering will be uniquely positioned as a sustainable Smart Mobility market leader, underpinned by our strengths in technology and innovation,” Vincent Chong, chief executive of ST Engineering said in the statement.

Headquartered in Nashville, Tennessee, TransCore provides engineering solutions for safer travel on roads, bridges, tunnels and highways. Roper said it will retain its DAT and Loadlink network software businesses, which it acquired together with TransCore in 2004.

Evercore and BofA Securities were financial advisers to Roper on the deal, which is expected to close in the first quarter of 2022, the statement said.

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