ST Telemedia Global Data Centers, KKR and Singtel, an Asian-based communications technology group, have signed definitive agreements under which a KKR-led consortium of KKR (on behalf of funds managed by it) and Singtel will invest S$1.75 billion ($1.3 billion) in STT GDC.
This transaction marks the largest digital infrastructure investment in Southeast Asia to date in 2024.
The transaction comprises an initial S$1.75 billion ($1.3 billion) investment by the consortium via redeemable preference shares (RPS), with detachable warrants. Upon exercise of the warrants in full, the consortium will invest an additional S$1.24 billion ($920 million).
The consortium was selected following an independent competitive process by STT and STT GDC, which considered, among other things, the consortium’s collective expertise and track record, financial strength, and proposed business strategy. The proceeds of the investment will be used to further advance STT GDC’s position