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Groups sign $350m data center JV in the Philippines
Transactions - MARCH 11, 2022

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Groups sign $350m data center JV in the Philippines

by Kali Persall

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.

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