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Latham Advises ST Telemedia Global Data Centres on S$1.75 Billion Investment From KKR-Led Consortium With Singtel

June 18, 2024
Transaction marks Southeast Asia’s largest digital infrastructure investment in 2024.

Latham & Watkins has advised ST Telemedia Global Data Centres (STT GDC), a leading data center colocation services provider, on its S$1.75 billion (approximately US$1.3 billion) investment from global investment firm KKR (through its Asia Pacific Infrastructure Investors II Fund), and Singtel, Asia’s leading communications technology group (the consortium). The transaction marks the largest digital infrastructure investment in Southeast Asia to date in 2024.

Headquartered in Singapore, STT GDC is one of the world’s fastest-growing data center providers with more than 95 data centers across 11 geographies and points of presence in over 20 major business markets. It provides critical services including high-quality colocation, connectivity, and round-the-clock support services.

The transaction comprises an initial S$1.75 billion (approximately US$1.3 billion) investment by the consortium via Redeemable Preference Shares (RPS), with detachable warrants. Upon full exercise of the warrants, the consortium will invest an additional S$1.24 billion (approximately US$0.9 billion).

The Latham team was led by Singapore partner Sharon Lau, counsel Michael Rackham, associates Tommy Tan and Cherine Teh, and Hong Kong associate Gladys Ma, with support from Hong Kong partner Derek Chua and associate Christine Lo. Advice was also provided on merger control matters by Brussels partner Luca Crocco, with associate Romain Perrois and on tax matters by New York partner Elena Romanova and London partner Aoife McCabe, with New York associate Sam Yang and London associate Joshua Atkinson.