KKR-SingTel consortium leads race for $1 bn stake in data centre provider

A consortium of US investment firm KKR and Singapore Telecommunications (SingTel) has emerged as the frontrunner to buy a minority stake worth $1 billion in one of Asia’s biggest data centre providers, two sources said.

The potential investment in STT Telemedia Global Data Centres (STT GDC) reflects growing interest and demand for data centres across Asia Pacific as nations and companies respond to the boom in artificial intelligence.

The KKR-SingTel consortium is competing with New York-headquartered alternative investment firm Stonepeak for the stake of up to 20 per cent, one of the sources said.