A consortium led by KKR is in advanced talks to acquire Singapore-based data-center operator ST Telemedia Global Data Centres in a transaction that would value the company at more than US$10 billion (over S$13 billion), according to The Wall Street Journal.
The prospective deal would involve buying the stake held by ST Telemedia, the parent company, which is owned by Singapore state investor Temasek Holdings. Singtel is reported to be partnering with KKR in the bid, though the company has said no binding agreement has been finalized.
Data centers have become one of the hottest global infrastructure categories as AI and cloud workloads drive a step-change in demand for power, cooling, and high-availability facilities. That theme is a central backdrop in coverage of this deal, with investors seeking scalable platforms that can quickly expand capacity and secure long-term customer contracts.
ST Telemedia Global Data Centres operates a large international footprint of facilities (reported as 100+ data centers across multiple countries) and has been expanding capacity to meet hyperscale and AI-related demand.
The talks come against a backdrop of an evolving ownership structure at ST Telemedia Global Data Centres. Reporting indicates ST Telemedia, owned by Singapore state investor Temasek Holdings, has been the majority owner, while KKR and Singtel previously held minority stakes through earlier investments.
In parallel, separate reports indicate that additional sovereign investors have explored joining the consortium as co-investors. Bloomberg has reported that GIC and Mubadala were set to participate alongside KKR in the transaction, a move that would broaden the equity base and reinforce the long-duration infrastructure profile typically associated with large data-center buyouts.
Even with discussions described as advanced, the deal is not yet definitive. Public-facing statements cited in coverage indicate there is no binding agreement in place and terms could still change, making timing, final structure, and valuation key variables to watch.
