Southeast Asia’s largest telecom operator Singapore Telecommunications has agreed to sell a 20% stake in its regional data center business to U.S. private equity giant KKR for S$1.1 billion ($807 million).
The deal puts the enterprise value of the Singtel unit at S$5.5 billion, according to a joint statement on Monday. It marks KKR’s largest investment in Southeast Asian infrastructure and data center infrastructure globally. The New York-headquartered investment firm will have the option to raise its stake to 25% by 2027.
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