Temasek-Backed Data Center Operator STT GDC Shortlists PE Firms for $1 Billion Funding

Elffie Chew and Manuel Baigorri, Bloomberg News

(Bloomberg) -- Several private equity firms have been picked to submit binding bids to take part in a potential $1 billion funding round in a Singaporean digital infrastructure provider backed by state-owned investor Temasek Holdings Pte., people familiar with the matter said.

Apollo Global Management Inc., Blackstone Inc. and Stonepeak Partners LP are among those shortlisted for the fundraising by STT Telemedia Global Data Centres, the people said. A consortium of KKR & Co. and Singapore Telecommunications Ltd. has also been selected, said the people, who asked not to be identified as the information is private. Binding bids are due in early April, they said.

Bloomberg News previously reported that STT GDC was exploring raising as much as $1 billion before a potential initial public offering, possibly in the US or Singapore.

The funding round should help set a valuation benchmark for an IPO, which may take place as soon as 2025, the people said.

Deliberations are ongoing and there’s no guarantee that STT GDC will proceed with the pre-IPO round, they said.

A representative for STT GDC said the company is always evaluating 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, its website shows. Temasek fully owns its parent, Singapore Technologies Telemedia Pte.