Fair trade regulator CCI on Tuesday cleared global investment firm KKR-led consortium's proposal to acquire ST Telemedia Global Data Centres.
"The proposed combination involves the acquisition by Opal Bidco Pte Ltd (Opal Bidco) of 100 per cent shareholding in STT GDC Pte Ltd," the Competition Commission of India (CCI) said in a release.
The deal also involves Ruby Asia Holdings II Pte Ltd, Singtel Interactive Pte Ltd, Sunstone Investment Pte Ltd and One Hundred And Thirty First Investment Company – Sole Proprietorship LLC (MIC Entity) acquiring an economic interest in STT GDC, it added.
Ruby Asia Holdings II and Opal Bidco were the special purpose vehicles (SPVs) owned by US-based KKR & Co Inc, while Singtel is a wholly-owned subsidiary of Singapore Telecommunications Ltd (Singtel Group).
Singtel Group, a provider of connectivity, digital services and digital infrastructure, has a presence in Asia, Australia and Africa.
Sunstone is an SPV incorporated in Singapore for the purpose of holding investments.
In a post on X, CCI said, "Commission approves acquisition by Opal Bidco Pte Ltd of 100 per cent shareholding in STT GDC Pte Ltd".
MIC Entity is an indirect wholly-owned subsidiary of Mubadala Investment Company PJSC, a UAE-based public joint stock company.
In February, KKR, Singtel and ST Telemedia announced entering into definitive agreements under which KKR and Singtel will acquire the remaining 82 per cent stake in STT GDC from founding shareholder ST Telemedia for SGD 6.6 billion (approximately USD 5.1 billion).
The transaction implies an enterprise value of about SGD 13.8 billion (around USD 10.9 billion), including leverage and capital expenditure for committed projects, making it one of the largest digital infrastructure transactions in Southeast Asia.
After the completion of the transaction, KKR will hold a 75 per cent stake in ST Telemedia Global Data Centres (STT GDC), while Singtel will own the remaining 25 per cent.
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Headquartered in Singapore, STT GDC is one of the world's fastest-growing and most diversified data centre platforms with 2.3GW of design capacity across 12 major markets in Asia Pacific, the United Kingdom and Europe, providing colocation, connectivity and related digital infrastructure services.
The company has a presence in India through its indirect subsidiary, STT Global Data Centres India Pvt Ltd, which operates in the country's growing data centre sector.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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