CCI Approves Acquisition of Stake in STT GDC by KKR and Singtel Units

The Competition Commission of India (CCI) has approved the acquisition of shares in STT GDC by Ruby Asia and Singtel. The approval is subject to the compliance with certain voluntary commitments submitted by the parties, CCI said in an official statement on Tuesday. Global investment firm KKR through its arm Ruby Asia Holdings II is acquiring a stake in the company.

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Also Read: STT GDC Commits USD 3.2 Billion to Add 550MW of Data Centre Capacity in India

Key Players Involved

“The proposed transaction involves the acquisition of a certain shareholding in STT GDC by Ruby Asia and Singtel,” CCI said in a release.

This transaction involves Ruby Asia Holdings II Pte. Ltd. (a special purpose vehicle indirectly owned by KKR & Co. Inc. investment funds) and Singtel Interactive Pte. Ltd. (a subsidiary of the Asian telecommunications and technology group Singtel).

In June, ST Telemedia Global Data Centres, KKR and Singtel jointly announced the signing of definitive agreements under which a KKR-led consortium of KKR and Singtel will invest SGD 1.75 billion in STT GDC. This transaction marks the largest digital infrastructure investment in Southeast Asia to date in 2024.

Also Read: ST Telemedia Global Data Centres Enhances Sustainability-Linked Financing Framework

Singtel Group

Headquartered in Singapore, Singtel Group is an Asian communications technology group that operates in connectivity, digital infrastructure, and digital businesses, with a presence in Asia, Australia, and Africa. In September 2023, KKR acquired a 20 percent stake in Nxera, Singtel’s regional data centre business.