Following the investment, KKR will own about 14.1% in STT GDC, while Singtel, as the telecom group owned by wealth fund Temasek Holdings is known, will hold 4.2%, according to a separate statement. The KKR-led group was picked after a competitive process. Beyond KKR and Singtel, other private equity firms including Apollo Global Management, Blackstone, and Stonepeak Partners LP had made bids for an investment in STT GDC, Bloomberg News reported in February. The closing of the transaction is subject to certain conditions including regulatory approvals. ST Telemedia will continue to be the majority shareholder in STT GDC. Based in Singapore, STT GDC is one of Asia's largest data center operators with more than 95 data centers across 11 geographies. It provides services such as colocation, connectivity, and support services.