Seven firms advised global investment firm KKR and Asian communications technology group Singtel on the full SGD13.8 billion (USD10.9 billion) acquisition of Singapore’s ST Telemedia Global Data Centres (STT GDC).
As part of the deal, which is one of the largest digital infrastructure transactions in Southeast Asia, KKR and Singtel will acquire the remaining 82% stake in STT GDC from founding shareholder ST Telemedia for SGD6.6 billion (USD5.1 billion).
This transaction has an implied enterprise value of about SGD13.8 billion, including leverage and capital expenditure for committed projects.
Gibson Dunn, led by partners Tyler Cohen and Till Lefranc, and AZB & Partners, provided legal support to KKR.
“Gibson Dunn advised KKR with respect to its consortium arrangements and post-closing shareholder arrangements, compliance matters, employment matters and other related matters,” Cohen told Asia Business Law Journal.
Cohen said a key challenge in data centre transactions is navigating complex regulatory and operational requirements, particularly given STT GDC’s multi-jurisdictional footprint.
Despite this, he said Gibson Dunn expects continued deal activity in the data centre sector and regularly fields questions about upcoming transactions in this space.
JSA Advocates & Solicitors, led by partners Nisha Kaur Uberoi and Vikram Raghani, together with Allen & Gledhill, acted as Singtel’s counsel. Erik Wang and Ian Ho from Simpson Thacher & Bartlett provided counsel for the KKR–Singtel consortium, while Latham & Watkins, led by partners Sharon Lau and Michael Rackham, advised ST Telemedia.
Cyril Amarchand Mangaldas advised Tata Communications, a shareholder in STT Global Data Centres India, with a team led by partners Anu Tiwari, Ravi Dubey and Jeeta Nayak.
