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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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.
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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.
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STT GDC
STT GDC, owned by Singapore Technologies Telemedia Pte. Ltd., operates globally as a data center provider and has a significant presence in India through its indirect subsidiary, STT Global Data Centres India Private Limited (STT GDC India). This Indian subsidiary offers colocation services in several metropolitan regions across the country. STT GDC operates in Singapore, the UK, Germany, India, Thailand, South Korea, Indonesia, Japan, the Philippines, Malaysia, and Vietnam.
