(Bloomberg) — Several private equity firms have been selected to submit binding bids to participate in a $1 billion funding round for a Singaporean digital infrastructure provider backed by state investor Temasek Holdings. The official said.
Finalists for the STT Telemedia Global Data Centers (STT GDC) funding include Apollo Global Management Inc., Blackstone and Stonepeak Partners, according to people familiar with the matter. A consortium of KKR & Company and Singapore Telecommunications was also selected, said the people, who requested anonymity as the information is private. A binding bid is expected to take place in early April.
Bloomberg News previously reported that STT GDC is considering raising up to $1 billion before an initial public offering, possibly in the U.S. or Singapore.
The funding round should help set the valuation criteria for an IPO that could take place as early as 2025, the people said.
Although deliberations are ongoing, there is no guarantee that STT GDC will proceed with the pre-IPO round.
A representative for STT GDC said the company is constantly considering various options to optimize its capital structure and declined to comment on specific details. Representatives for Apollo, Blackstone, KKR, Singtel and Stonepeak declined to comment.
STT GDC is one of Asia’s largest data center operators, managing more than 170 facilities in Singapore, India, China, Thailand, South Korea, Indonesia, Japan, the Philippines and the UK, according to its website. I did. Temasek wholly owns its parent company Singapore Technologies Telemedia.
