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Singtel-KKR consortium to invest $1.75b in ST Telemedia GDC
The Straits Times
|June 19, 2024
Deal said to be largest digital infrastructure investment in S-E Asia so far this year
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A Singtel-KKR consortium will be investing $1.75 billion in data centre provider ST Telemedia Global Data Centres (STT GDC), in a deal said to be this year's largest digital infrastructure investment in South-east Asia so far.
The initial $1.75 billion investment by the consortium will be via redeemable preference shares with detachable warrants, KKR said on June 18. Upon exercise of the warrants in full, the consortium will invest an additional $1.24 billion.
Mr Arthur Lang, Singtel's group chief financial officer, said: "We see digital infrastructure, particularly data centres, as a growth asset and compelling investment with the remarkable rise of the sector driven by rapid digitalisation and AI adoption around the world."
He added: "This is a solid opportunity for Singtel to gain exposure to an established platform with a footprint in high-quality data centre markets, and aligns with our...strategy to further scale our digital infrastructure business in collaboration with like-minded partners."
This story is from the June 19, 2024 edition of The Straits Times.
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