Upon completion, KKR and Singtel will own stakes of 75% and 25% respectively in STT GDC, taking into account the conversion of existing redeemable preference shares that both KKR and Singtel now hold.
KKR and Singtel are taking full ownership of ST Telemedia Global Data Centres by spending $6.6 billion to buy an 82% stake they don’t already own, in a big bet to meet growing demand for data storage and processing capacity.
The latest transaction, first reported to be in the making since last November, gives STT GDC an implied enterprise value of $13.8 billion. This figure includes leverage and capital expenditure for committed projects.
