CCI Approves Acquisition of STT GDC by KKR-Led Consortium
The Competition Commission of India (CCI) has granted approval for the acquisition of 100% shareholding in STT GDC Pte. Ltd. by Opal Bidco Pte. Ltd. The proposed combination involves Opal Bidco acquiring full ownership of STT GDC, with Ruby Asia Holdings II Pte. Ltd., Singtel Interactive Pte. Ltd., Sunstone Investment Pte. Ltd., and One Hundred And Thirty First Investment Company – Sole Proprietorship LLC acquiring economic interest in STT GDC on a see-through basis.
Opal Bidco is a special purpose vehicle indirectly wholly owned by investment funds, vehicles, and/or accounts advised and managed by KKR & Co. Inc. Ruby is another SPV indirectly wholly owned by investment funds managed by various subsidiaries of KKR. Singtel is a wholly owned subsidiary of Singapore Telecommunications Limited, a public listed company in Singapore that provides connectivity, digital services and digital infrastructure across Asia, Australia and Africa.
STT GDC is a data center provider and a direct subsidiary of STT Communications Ltd., with presence in India through its indirect subsidiary, STT Global Data Centres India Private Limited, which operates as one of several data center players in the Indian market. The MIC Entity involved in the transaction is an indirect wholly owned subsidiary of Mubadala Investment Company PJSC, a United Arab Emirates public joint stock company wholly owned by the Government of Abu Dhabi.
The Commission noted that a detailed order regarding this approval will follow.