A KKR-LED consortium is nearing a deal to buy ST Telemedia Global Data Centers, which would value the company at more than SG$13 billion ($10.22 billion), the Wall Street Journal reported on Saturday, citing people familiar with the matter.
The investment firm will acquire the Singapore-based global data center provider from its parent company, the report said, adding that KKR is making the acquisition together with Singaporean telecommunications giant Singtel.
Reuters could not immediately verify the report. KKR declined to comment on the report, while ST Telemedia Global Data Centers, ST Telemedia and Singtel did not immediately respond to Reuters’ request for comment outside regular business hours.
Reuters reported in November that KKR and Singapore Telecommunications were in advanced talks to buy more than 80 percent of ST Telemedia Global Data Centers, which would give them full ownership, for over SG$5 billion ($3.93 billion).
KKR currently owns about 14 percent of the firm while Singtel, the city-state’s biggest telecom operator, has a stake of more than 4 percent. The rest is held by ST Telemedia, which is wholly owned by Singapore state investor Temasek Holdings.
If successful, the deal would rank among Asia’s biggest data center transactions, with the boom in artificial intelligence creating soaring demand for digital infrastructure.
Founded in 2014 and headquartered in Singapore, ST Telemedia Global Data Centers describes itself as one of the world’s fastest-growing data center providers.
It operates more than 100 data centers with over 2 gigawatts of IT load across over 20 major markets, including Singapore, India and Japan, as well as Europe via its VIRTUS brand in the United Kingdom, Germany and Italy, according to its website.
