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The Competition Commission of India (CCI) has approved the KKR-led consortium’s acquisition of 100 per cent of ST Telemedia Global Data Centres (STT GDC), marking a key milestone for one of Southeast Asia’s largest digital infrastructure transactions. The deal, first announced earlier this year, will see KKR become the majority shareholder with a 75 per cent stake, while Singtel will retain 25 per cent. STT GDC, which has a significant presence in India through STT Global Data Centres India, operates across multiple global markets and continues to expand its digital infrastructure footprint.
The Competition Commission of India (CCI) has approved the proposed acquisition of ST Telemedia Global Data Centres (STT GDC) by a KKR-led consortium, paving the way for the completion of one of the largest digital infrastructure transactions in Southeast Asia.
According to a release issued by the fair trade regulator, Opal Bidco Pte Ltd has received approval to acquire 100 per cent shareholding in STT GDC Pte Ltd. The transaction also includes Ruby Asia Holdings II Pte Ltd, Singtel Interactive Pte Ltd, Sunstone Investment Pte Ltd and One Hundred and Thirty First Investment Company – Sole Proprietorship LLC (MIC Entity), which will acquire an economic interest in STT GDC.
CCI also announced the approval through a post on X, stating that the Commission had cleared Opal Bidco Pte Ltd’s acquisition of the entire shareholding in STT GDC.
Opal Bidco and Ruby Asia Holdings II are special purpose vehicles (SPVs) owned by US-based investment firm KKR & Co. Inc. Singtel Interactive is a wholly owned subsidiary of Singapore Telecommunications Ltd (Singtel Group), while Sunstone Investment is a Singapore-incorporated SPV established to hold investments. The MIC Entity is an indirect wholly owned subsidiary of Mubadala Investment Company PJSC, the Abu Dhabi-based sovereign investment company.
The transaction follows definitive agreements announced earlier this year by KKR, Singtel and ST Telemedia. Under the agreement, KKR and Singtel will acquire the remaining 82 per cent stake in STT GDC from founding shareholder ST Telemedia for SGD 6.6 billion (approximately USD 5.1 billion).
The acquisition values the business at an enterprise value of approximately SGD 13.8 billion (around USD 10.9 billion), including existing leverage and capital expenditure committed for ongoing projects. The deal has been regarded as one of the largest digital infrastructure transactions in Southeast Asia, reflecting growing investor interest in data centre assets driven by increasing cloud adoption, artificial intelligence workloads and rising demand for digital services across the region.
Following completion of the transaction, KKR will hold a 75 per cent stake in ST Telemedia Global Data Centres, while Singtel will retain the remaining 25 per cent stake.
Headquartered in Singapore, STT GDC is among the world's fastest-growing data centre platforms. The company has a design capacity of 2.3 GW spread across 12 major markets in Asia Pacific, the United Kingdom and Europe. It provides colocation services, connectivity solutions and other digital infrastructure services to enterprise customers, cloud providers and technology companies.
India remains an important market for the company through its indirect subsidiary, STT Global Data Centres India Pvt Ltd, which operates data centres across key cities and serves enterprises, hyperscale cloud providers and digital businesses. The company has been expanding its presence in India as demand for data centres continues to grow, supported by increasing digitalisation, cloud computing, artificial intelligence applications and data localisation requirements.
Under the Competition Act, combinations exceeding prescribed financial thresholds require prior approval from the Competition Commission of India to ensure they do not adversely affect competition in the market. The regulator reviews such transactions before they can be completed, while also monitoring unfair business practices and promoting fair competition across sectors.
Source PTI
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