By Don Nico Forbes

ST Telemedia Global Data Centres will raise up to S$2.99 billion, equivalent to $2.21 billion, from a KKR-led consortium with Singapore Telecommunications, in Southeast Asia's largest digital-infrastructure investment of 2024.

The companies said Tuesday that the transaction comprises an initial S$1.75 billion investment via redeemable preference shares, with detachable warrants. Upon exercise of the warrants in full, the consortium will invest an extra S$1.24 billion, they said.

Proceeds of the investment will be used to further advance ST Telemedia's market position, and to support its continuing international expansion and growth plans.

ST Telemedia is a data center provider with more than 95 data centers across 11 geographies, with headquarters in Singapore.

"With the industry experiencing unprecedented cloud and AI-led growth, this strategic partnership with KKR and Singtel will be a significant catalyst for STT GDC's next chapter of growth," ST Telemedia Chief Executive Bruno Lopez said.

Write to Don Nico Forbes at

(END) Dow Jones Newswires

06-18-24 0754ET