A consortium led by KKR and Singtel Group agreed to acquire the remaining 82% stake in ST Telemedia Global Data Centres from founding shareholder ST Telemedia, valuing the business at an implied enterprise value of about S$13.8 billion (US$10.9 billion). The S$6.6 billion (US$5.1 billion) transaction ranks among Southeast Asia’s largest digital-infrastructure deals and is expected to close by early second half of 2026, subject to regulatory approvals.
Following completion, KKR and Singtel will hold 75% and 25% stakes, respectively, reflecting the conversion of existing redeemable preference shares. The consortium first invested S$1.75 billion (US$1.3 billion) in 2024 via preference shares and warrants. Since then, STT GDC expanded its development pipeline from 1.4 GW to over 1.7 GW, alongside a global footprint totaling 2.3 GW of design capacity.
Founded in 2014 and headquartered in Singapore, STT GDC operates across 12 major markets in Asia Pacific, the UK, and Europe, delivering colocation, connectivity, and 24×7 support. Rising AI and cloud workloads continue to drive demand for large-scale, power-dense facilities, shaping the company’s expansion priorities.
- Transaction value: S$6.6B equity consideration; ~S$13.8B implied enterprise value (incl. leverage and committed capex)
- Ownership post-close: KKR 75%; Singtel 25%
- Capacity & pipeline: 2.3 GW design capacity; >1.7 GW development pipeline
- Geographic reach: Asia Pacific, UK, and Europe (12 markets)
- Timing: Expected close early 2H 2026, pending approvals
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 investment themes globally as cloud computing and data-rich applications continue to reshape how data is created, stored, and processed… We look forward to deploying KKR’s global network and deep digital infrastructure expertise to help STT GDC accelerate its next phase of sustainable, international growth.”
🌐 Analysis
The transaction underscores sustained investor appetite for hyperscale-ready platforms in Southeast Asia as AI training and inference push power density and capital intensity higher. It also builds on KKR and Singtel’s prior collaboration around Nxera, signaling a portfolio approach that pairs regional fiber, subsea reach, and data-center scale to serve cloud and enterprise demand.
ST Telemedia Global Data Centres (STT GDC) is a Singapore-headquartered global data center colocation provider backed by ST Telemedia, with a portfolio spanning more than 80 operational and development sites across Asia-Pacific, Europe, and the United States. The company’s mission is to deliver scalable, carrier-neutral and sustainable digital infrastructure for hyperscalers, cloud providers, enterprises, and network operators, with a focus on energy-efficient design, modular build-outs, and renewable-energy sourcing. STT GDC operates regional platforms including STT Singapore, STT Hong Kong, STT GDC India, STT GDC Indonesia, STT GDC Thailand, STT GDC Philippines, STT GDC Japan, STT GDC Korea, and STT GDC Americas, giving it one of the broadest emerging-market footprints among global colocation providers. The company is led by CEO Bruno Lopez, who joined from the energy and infrastructure sector and has overseen its expansion through both organic development and acquisitions. In 2024–2026, STT GDC reached a major milestone with the announcement of a KKR- and Singtel-led transaction valuing the company at approximately S$13.8 billion, positioning it among the largest global data center platforms by enterprise value and underscoring strong demand for its hyperscale-ready assets in fast-growing digital market
Within telecom and data center infrastructure, KKR Infrastructure has led or backed several of the sector’s most prominent transactions. In data centers, KKR is best known for its acquisition of CyrusOne in a take-private deal alongside Global Infrastructure Partners, creating one of the world’s largest hyperscale-focused colocation platforms, as well as its more recent agreement with Singtel to acquire full control of ST Telemedia Global Data Centres, valuing the business at approximately S$13.8 billion. In telecom infrastructure, KKR has been a central player in European fiber, including majority ownership of FiberCop, Italy’s largest wholesale access network carved out of Telecom Italia, and an earlier investment in UK altnet Hyperoptic. The firm has also participated in large-scale mobile and converged telecom transactions, including its role in backing Spain’s MásMóvil, underscoring KKR Infrastructure’s strategy of pairing digital connectivity assets with long-duration capital and operational scale.
