Sovereign wealth funds GIC and Mubadala Investment are in talks to join KKR and Singtel in a potential deal to acquire data centre operator ST Telemedia Global Data Centres (STT GDC), according to Singapore Business Times quoting sources familiar with the matter. A potential deal, which could come as early as this week, would value STT GDC at US$ 10 billion, including debt, the sources said.
The sovereign wealth funds of Singapore and Abu Dhabi will participate as minority co-investors, in the KKR-led deal which is in advanced talks. If a deal is struck, this could be one of the largest data center transactions in Asia in recent times.
In an exchange filing, Singtel has confirmed that it is in advanced talks but cautioned nothing is definite yet.
Since 2025, KKR and Singtel are minority shareholders in STT GDC after paying US$1.3 billion for the stake. The rest of the stake is owned by STT GDC’s parent, ST Telemedia. The latter is backed by Singapore state investor Temasek Holdings. Temasek owns half of Singtel.
KKR, GIC and ST Telemedia did not respond to requests for comment while a representative for Mubadala declined to comment.
In November 2025, Bloomberg reported that KKR and Singtel were in discussions to obtain a bank loan of about S$5 billion to launch the acquisition bid. In July, news broke about the potential purchase bid.
Singapore-based STT GDC operates more than 100 data centers spanning 20 markets including Singapore, Malaysia, Japan, India and South Korea, as well as having a presence in the UK, Italy and Germany.