KKR-Led Consortium with Singtel to Fully Acquire ST Telemedia Global Data Centres at S$13.8 Billion Enterprise Value

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, the Consortium) will acquire the remaining 82% stake in ST Telemedia Global Data Centres (STT GDC) from founding shareholder ST Telemedia for S$6.6 billion (approximately US$5.1 billion).

The transaction implies an enterprise value of approximately S$13.8 billion (US$10.9 billion), inclusive of leverage and capital expenditure for committed projects, making it one of the largest digital infrastructure deals in Southeast Asia.

Upon completion, KKR will hold a 75% stake and Singtel 25%, factoring in the conversion of existing redeemable preference shares already held by both parties.

The Consortium first invested S$1.75 billion (US$1.3 billion) in STT GDC in 2024 through preference shares and warrants—then the region’s largest digital infrastructure investment. Since that initial investment, STT GDC has expanded its development pipeline from 1.4GW to over 1.7GW.

Founded in 2014 and headquartered in Singapore, STT GDC is among the world’s fastest-growing data centre platforms, with 2.3GW of design capacity across 12 major markets spanning Asia Pacific, the UK and Europe. The company provides mission-critical colocation, connectivity and round-the-clock support services, as surging AI and cloud adoption continues to drive demand for data centre infrastructure.

David Luboff, Co-Head of KKR Asia Pacific and Head of Asia Pacific Infrastructure at KKR, said digital infrastructure remains one of the most compelling long-term global investment themes, adding that STT GDC’s diversified footprint and strong development pipeline position it well for its next phase of international growth.

Arthur Lang, Group CFO of Singtel, said the acquisition advances Singtel’s Singtel28 growth strategy, strengthening its digital infrastructure portfolio and expanding its global data centre footprint. He noted that alongside Singtel’s Nxera platform—also backed by KKR—the transaction meaningfully reshapes the Group’s business profile while creating opportunities for capital optimisation and growth.

Stephen Miller, President & Group CEO of ST Telemedia, said the company had built STT GDC over the past 12 years into a leading international platform and that the next phase of growth now requires larger-scale capital and specialised focus.

Bruno Lopez, President & Group CEO of STT GDC, called the transaction a pivotal milestone, saying the expanded investment from KKR and Singtel underscores confidence in STT GDC’s business and growth trajectory.

“With the consortium’s global expertise, regional networks, financial strength and, most importantly, our shared ambition, STT GDC is poised to scale rapidly and capture the next wave of significant growth in cloud and AI demand,” Lopez said.

The transaction is expected to close in the early second half of 2026, subject to customary regulatory and closing conditions.