KKR and Singtel to acquire remaining stake in data center firm STT GDC for over $5 billion

In this article

Private equity firm KKR and Singapore Telecommunications will acquire the remaining 82% stake in data center operator ST Telemedia Global Data Centres for 6.6 billion Singapore dollars ($5.1 billion), KKR said in a statement on Wednesday.

The deal pegs STT GDC’s enterprise value at S$13.8 billion and comes at a time when there has been a jump in data center demand led by the boom in artificial intelligence.

Following completion, KKR will hold a 75% stake in STT GDC, while Singtel will own the remaining 25%, taking into account the conversion of existing preference shares held by both investors.

KKR said the deal represents its largest infrastructure investment in Asia Pacific to date, as global investment in data centers accelerates on rising need for cloud computing and artificial intelligence workloads.