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The move seeks to capitalise on Southeast Asia’s booming date centre market
This week, media reports suggest that a consortium led by KKR and Singtel is closing in on a deal to acquire ST Telemedia Global Data Centres (STT GDC).
Negotiations, which are already at an “advanced stage”, would value the data centre business at around $10.22 billion.
“Singtel, as part of a consortium, continues to have discussions in relation to STT GDC. While these discussions are at an advanced stage, there is no certainty that such discussions will lead to any definitive or binding agreement,” said Singtel in a statement on Sunday.
STT GDC owns and operates around 100 data centres in over 20 markets, including Singapore, Malaysia, India, Germany, Italy, and the UK, according to the company website
Rumours that KKR and Singtel were in discussions to acquire STT GDC were first reported in July last year.
Both companies already hold stakes in the business, having jointly invested $1.3 billion in 2024, with KKR owning 14.1% and Singtel 4.2%. The remaining majority stake in STT GDC is held by ST Telemedia, itself owned by Singapore’s state-owned holding company Temasek.
For Singtel, the deal would represent the operator’s latest step in its drive to become a regional AI data centre powerhouse.
The company’s Digital InfraCo unit was rebranded as Nxera in 2024, with the company aiming to expand its data centre capacity in Southeast Asia to 200MW by the end of 2027 in partnership with Nvidia.
By combining Nxera’s existing and planned data centre assets in Singapore, Malaysia, Thailand, and Indonesia with those of STT GDC, Singtel would immediately become one of the region’s largest digital infrastructure players.
KKR, on the other hand, already owns roughly 155 facilities with a pipeline of 12-gigawatts of capacity. The company has been on a spending spree in recent years to grow this capacity even further, most recently including a $1.5 billion investment in Global Technical Realty, a company specialising in building bespoke facilities for hyperscalers like Amazon, Microsoft, and Google.
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