Global law firm Allen & Gledhill and JSA has advised APAC telecommunications giant Singtel on the acquisition by Singtel and KKR of the remaining 82 percent stake in ST Telemedia Global Data Centres from promoters ST Telemedia (STT) for $5.1 billion, representing an implied enterprise value of approximately US$10.9 billion, ET LegalWorld has learned from sources connected to the deal. Trilegal has acted as the Indian legal counsel to ST Telemedia Global Data Centres.
AZB & Partners and Shardul Amarchand Mangaldas advised KKR and STT on the merger control aspects of the deal, the sources said.
Globally, Gibson Dunn represented the consortium, Simpson Thatcher acted for KKR, while Latham & Watkins represented STT.
Upon completion, KKR and Singtel will own stakes of 75 percent and 25 percent respectively in the Company, taking into account the conversion of existing redeemable preference shares that both KKR and Singtel hold in the Company. STT Global Data Centres is present in India through its subsidiary STT Global Data Centres India Private Limited, which it holds as a joint venture with Tata Communications
Cyril Amarchand Mangaldas advised Tata Communications on the renegotiation of rights on the deal.
The deal’s $5.1 billion equity consideration ranks as one of Asia’s largest data center transactions ever, surpassing prior benchmarks like the 2024 minority investment in STT GDC itself, which was Southeast Asia’s biggest digital infrastructure deal that year at $1.3 billion. Since then, the Company has grown its pipeline from 1.4GW in 2024 to over 1.7GW, according to a press release.
It stands among the top three APAC data center deals by enterprise value since 2020, driven by AI demand.
ET Legal understands that JSA partner Vikram Raghani led the deal team from India, while antitrust practice head Nisha Kaur Uberoi led the merger control for Singtel.
Trilegal’s team was led by partner Upasana Rao.
AZB partner Bharat Bhudolia led the antitrust filing for KKR, according to a source.
The CAM team was led by partners Anu Tiwari, Ravi Dubey and Jeeta Nayak, with support from associates Amritya Singh, and Tejas Chhura.
