Investment firm KKR, Singtel, and ST Telemedia announced the signing of definitive agreements under which funds managed by KKR and Singtel (Consortium) will acquire the remaining 82% stake in ST Telemedia Global Data Centres (STT GDC) from founding shareholder ST Telemedia for a total consideration of SG$6.6 billion (US$5.1 billion).

This transaction gives the data-centre business an implied enterprise value of SG$13.8 billion (US$10.9 billion), including leverage and committed capital expenditure. After accounting for currently held preference shares, the ownership split will be roughly 75% for KKR and 25% for Singtel.

Established in 2014 by ST Telemedia and headquartered in Singapore, STT GDC is a data centre platform with 2.3GW of design capacity across 12 major markets in the Asia Pacific and United Kingdom and Europe. It provides critical services including high-quality colocation, connectivity and round-the-clock support services. As demand for AI and cloud services continues to accelerate, it is fuelling the need for new data centres to drive resource-intensive workloads.