INTELLIGENT TECHNOLOGY
DATA CENTRES
KKR-led consortium with Singtel to fully acquire ST Telemedia Global Data Centres in S $ 13.8 billion deal
Global investment firm KKR, Asia’ s leading communications technology group Singtel, and ST Telemedia have announced the signing of definitive agreements under which funds managed by KKR and Singtel, together referred to as the Consortium, will acquire the remaining 82 % stake in ST Telemedia Global Data Centres from founding shareholder ST Telemedia.
The transaction involves total consideration of S $ 6.6 billion, approximately US $ 5.1 billion, and represents an implied enterprise value of about S $ 13.8 billion, or roughly US $ 10.9 billion. The valuation includes leverage and capital expenditure committed for development projects across the platform.
Upon completion, KKR and Singtel will hold equity stakes of 75 % and 25 % respectively. This ownership structure reflects the conversion of existing redeemable preference shares already held by both investors.
The Consortium first invested S $ 1.75 billion, approximately US $ 1.3 billion, in ST Telemedia Global Data Centres through preference shares and warrants in 2024. That investment marked the largest digital infrastructure transaction in Southeast Asia at the time.
Since then, the company has significantly expanded its development pipeline. Pipeline capacity has increased from 1.4 gigawatts in 2024 to more than 1.7 gigawatts, reflecting strong demand from hyperscale cloud providers and enterprise customers.
Founded in 2014 and headquartered in Singapore, ST Telemedia Global Data Centres has grown into one of the world’ s fastest growing and most diversified data centre platforms. It has a total design capacity of 2.3 gigawatts spanning 12 major markets across Asia Pacific, the United Kingdom and Europe.
The business provides high quality colocation, connectivity and round-theclock operational support, services that are increasingly essential as organisations accelerate digital transformation and migrate workloads to the cloud. Rising demand for artificial intelligence and cloud computing is placing growing pressure on global digital infrastructure, with resourceintensive AI workloads driving the need for large-scale capacity.
David Luboff, Co-Head of KKR Asia Pacific and Head of Asia Pacific Infrastructure, said digital infrastructure remains one of the most compelling long-term investment themes globally. He said ST Telemedia Global Data Centres is well positioned, with a diversified footprint, strong pipeline and experienced leadership team, and described the transaction as an opportunity to deepen KKR’ s strategic partnership with Singtel.
Arthur Lang, Group Chief Financial Officer of Singtel, said the acquisition aligns with the Singtel28 growth plan and strengthens the group’ s position as a global data centre player. He said the transaction creates opportunities for capital optimisation and growth while maintaining balance sheet discipline.
Stephen Miller, President and Group CEO of ST Telemedia, said the transaction demonstrates long-term strategic stewardship and ensures the company’ s continued growth with an optimal partner.
Bruno Lopez, President and Group CEO of ST Telemedia Global Data Centres, said the transaction marks an exciting new chapter, positioning the company to scale rapidly and capture growing cloud and AI demand.
The transaction is expected to close in the early second half of 2026, subject to customary regulatory approvals and closing conditions. •
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