Globe Telecom and Ayala Corp. have signed a $350 million joint-venture agreement with Singapore’s ST Telemedia Global Data Centres.
The new partners will seek to build data centers in the Philippines.
ST Telemedia Global will take a 40-percent stake in a new Globe unit, KarmanEdge, Inc., and Ayala a 10-percent stake. Globe will remain the largest shareholder with a 50-percent ownership and will receive $100 million in proceeds from the transaction, with the rest of the capital going toward future expansion efforts.
The transaction is expected to be completed in first quarter 2022.
