Milbank LLP advised the global lenders on the financing for KKR and Singtel's landmark S$6.6 billion (approximately US$5.1 billion) acquisition of the remaining 82% stake of ST Telemedia Global Data Centres ("STT GDC"), a leading data center colocation services provider. This represents an implied enterprise value of STT GDC at approximately S$13.8 billion (approximately US$10.9 billion), including leverage and capital expenditure for committed projects. The transaction marks one of the largest digital infrastructure transactions in Southeast Asia to date.
Founded in 2014 and headquartered in Singapore, STT GDC operates data centers across 12 markets in Asia Pacific, the United Kingdom and Europe, with 2.3 gigawatts of design capacity. The company provides colocation, connectivity and support services to hyperscalers and enterprise customers.
"This landmark financing demonstrates the continued appetite from lenders for high-quality digital infrastructure assets in Asia," said leveraged finance partner Davide Mencacci. "The transaction's scale and complexity reflects the growing importance of data centers in supporting the region's digital economy."
Milbank's Digital Infrastructure Practice Group is the leading legal advisor driving digital infrastructure transactions across the entire value chain — from GPU procurement to powered land, data centers, buy-side/sell-side and capital raises (debt/equity) throughout the capital stack. The Asia Digital Infrastructure Practice is led by partners David Zemans and James Orme. In 2025, Milbank had the lead legal role in over $150 billion of digital focused transactions, including several of the largest capital markets, project finance, real estate and M&A transactions to date.
The Milbank deal team was led out of Hong Kong by Leveraged Finance partner Davide Mencacci and special counsel Daniele Sutto, with associates David Zhu, Matthew Leung and Marco Ying.
