Major Investment Milestone: KKR and Singtel Acquire Stake in STT GDC

The Competition Commission of India has approved KKR-affiliate Ruby Asia Holdings II and Singtel's proposal to acquire a stake in STT GDC. The transaction, worth SGD 1.75 billion, marks the largest digital infrastructure investment in Southeast Asia to date, with additional funding possible via warrants.

The Competition Commission of India (CCI) has granted approval to KKR-affiliate Ruby Asia Holdings II and Singtel for their acquisition of a significant stake in ST Telemedia Global Data Centres (STT GDC).

This development entails a substantial SGD 1.75 billion investment by a consortium comprising KKR and Singtel, marking a landmark digital infrastructure investment in Southeast Asia for 2024.

The investment structure includes redeemable preference shares with detachable warrants, setting the stage for further commitments totaling an additional SGD 1.24 billion upon warrant exercise.

(With inputs from agencies.)