A consortium led by global investment firm KKR and Singtel will acquire the remaining 82% stake in ST Telemedia Global Data Centres (STT GDC) for S$6.6 billion (about $5.1 billion), the companies said Wednesday.
The purchase values the data centre firm at about S13.8 billion, or around $10.9 billion, including leverage and capital expenditure for committed projects, per the announcement.
The consortium will acquire the stake from ST Telemedia, which is wholly owned by Singapore state investor Temasek Holdings. KKR already owns about 14% and Singtel more than 4%.
After completion, KKR and Singtel will own 75% and 25% of the data centre operator, respectively, after taking into account the conversion of existing redeemable preference shares held by both investors.
“Digital infrastructure remains one of the most compelling long-term investment themes globally as cloud computing and data-rich applications continue to reshape how data is created, stored, and processed,” KKR’s David Luboff said.
Singtel finance chief Arthur Lang said the transaction advances the group’s Singtel28 strategy and strengthens its push into data centres as a growth engine.
He said the deal adds to Singtel’s portfolio, including the Nxera platform, and the group would continue to consider capital recycling options while keeping its dividend and growth plans intact.
“This acquisition is a significant step towards scaling our new growth engine in digital infrastructure,” Lang said.
Bruno Lopez said deals “mark an exciting new chapter” for the company after 12 years of build-out under ST Telemedia, and that the expanded investment from KKR and Singtel signals confidence in STT GDC’s trajectory.
STT GDC, established in 2014 and headquartered in Singapore, operates a global data centre platform focused on colocation and connectivity services.
The firm has 2.3 gigawatts of design capacity across 12 markets in Asia Pacific, the UK, and Europe, per the announcement. The company said its development pipeline has expanded to more than 1.7GW from 1.4GW in 2024.
The consortium first invested about $1.3 billion in STT GDC through preference shares and warrants in what marked the largest digital infrastructure investment in Southeast Asia in 2024. Since then, the company has grown its pipeline from 1.4GW in 2024 to over 1.7GW.
