KKR and Singtel to Invest $1.3 Billion in Data Center Firm STT GDC
In a major business deal, a group led by KKR & Company and Singtel has agreed to invest S$1.75 billion ($1.3 billion) in Asian digital infrastructure provider ST Telemedia Global Data Centres (STT GDC). This investment will give them a minority stake in the company.
Investment Details
The KKR-led group plans to make this investment through redeemable preference shares and warrants. If all the warrants are exercised fully, the consortium will add an additional S$1.24 billion to the investment.
Following the transaction, KKR will hold about 14.1% of STT GDC, whereas Singtel will own 4.2%. ST Telemedia will still be the majority shareholder in STT GDC.
Competitive Bidding
KKR and Singtel were selected after a competitive process. Other big players like Apollo Global Management, Blackstone, and Stonepeak Partners LP also showed interest in investing in STT GDC.
Regulatory Approvals
The closing of this transaction is subject to meeting certain conditions, including necessary regulatory approvals.
About STT GDC
Based in Singapore, STT GDC is one of Asia’s largest data center operators. The company runs more than 95 data centers across 11 geographies. STT GDC offers services such as colocation, connectivity, and support services.
Conclusion
This investment highlights the growing importance of digital infrastructure in Asia. With major backing from firms like KKR and Singtel, STT GDC is poised to expand its reach and capabilities further.
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