**Executive Summary**
On July 15, 2024, the Competition Commission of India (CCI) approved the 100% acquisition of STT GDC Pte. Ltd. by Opal Bidco Pte. Ltd. The transaction involves multiple investment entities, including subsidiaries of KKR, Singtel, and Mubadala, acquiring economic interests in the target company. A detailed official order from the Commission is expected to follow this announcement.
**Key Points / Main Content**
* **Transaction Overview**
* Opal Bidco Pte. Ltd. (Opal Bidco) is authorized to acquire 100% shareholding in STT GDC Pte. Ltd. (STT GDC).
* Economic interests in STT GDC will be held on a see-through basis by Ruby Asia Holdings II Pte. Ltd. (Ruby), Singtel Interactive Pte. Ltd. (Singtel), Sunstone Investment Pte. Ltd. (Sunstone), and One Hundred and Thirty First Investment Company – Sole Proprietorship LLC (MIC Entity).
* **Profile of the Acquirers**
* **Opal Bidco and Ruby:** Special purpose vehicles (SPVs) indirectly wholly owned by investment funds managed by subsidiaries of KKR & Co. Inc.
* **Singtel:** A subsidiary of Singapore Telecommunications Limited, providing connectivity, digital services, and infrastructure across Asia, Australia, and Africa.
* **Sunstone:** A Singapore-based SPV incorporated for holding investments.
* **MIC Entity:** An indirect subsidiary of Mubadala Investment Company PJSC, which is owned by the Government of Abu Dhabi, UAE.
* **Profile of the Target (STT GDC)**
* STT GDC is a global data center provider and a direct subsidiary of STT Communications Ltd.
* The company maintains a significant presence in the Indian market through its indirect subsidiary, STT Global Data Centres India Private Limited.
**Impact Analysis**
**Opal Bidco Pte. Ltd. (and KKR)**
* **Impact:** Gains full ownership of STT GDC, expanding its investment footprint in the global and Indian data center markets.
* **Action Required:** Conclude the acquisition process and comply with any conditions specified in the forthcoming detailed order.
**STT GDC Pte. Ltd.**
* **Impact:** Undergoes a complete change in shareholding and transition to new ownership under Opal Bidco.
* **Action Required:** Manage the administrative transition of shares and coordinate with the new parent entities.
**Singtel, Sunstone, and MIC Entity**
* **Impact:** These entities will successfully acquire economic interests in the target company following the regulatory clearance.
* **Action Required:** Await the detailed order from the CCI to ensure all regulatory requirements for the economic interest transfer are met.
**Competition Commission of India (CCI)**
* **Impact:** Acts as the regulatory clearing authority for the combination to ensure market competition is maintained.
* **Action Required:** Publish the detailed order following the summary announcement.
Key Entities Referenced
Competition Commission of India (CCI): The national competition regulator that approved the acquisition of 100% shareholding in STT GDC by Opal Bidco.
Opal Bidco Pte. Ltd.: A Singapore-based special purpose vehicle managed by KKR subsidiaries, acting as the primary acquirer in the transaction.
STT GDC Pte. Ltd.: A global data centre provider and the target entity being acquired in the proposed combination.
KKR & Co. Inc.: A global investment firm that indirectly owns and manages the acquisition vehicles involved in the deal.
STT Global Data Centres India Private Limited: The Indian subsidiary of the target company, establishing the acquisition's direct impact on the Indian data centre market.
Competition Commission of India
CCI approves acquisition by Opal Bidco Pte. Ltd.
of 100% shareholding in STT GDC Pte. Ltd.
प्रव तथ: 15 JUL 2026 6:41PM by PIB Delhi
The Competition Commission of India (CCI) has approved acquisition by Opal Bidco Pte. Ltd. of 100%
shareholding in STT GDC Pte. Ltd.
The proposed combination involves the acquisition by Opal Bidco Pte. Ltd. (Opal Bidco) of 100%
shareholding in STT GDC Pte. Ltd. (STT GDC) with Ruby Asia Holdings II Pte. Ltd. (Ruby), Singtel
Interactive Pte. Ltd. (Singtel), Sunstone Investment Pte. Ltd. (Sunstone) and One Hundred And Thirty
First Investment Company – Sole Proprietorship LLC (MIC Entity) acquiring economic interest (on a
see-through basis) in STT GDC.
Ruby is a special purpose vehicle (SPV) indirectly wholly owned by investment funds, vehicles and / or
accounts advised and managed by various subsidiaries of KKR & Co. Inc. (KKR).
Opal Bidco is an SPV that is indirectly wholly owned by investment funds, vehicles and / or accounts
advised and managed by KKR.
Singtel is a wholly owned subsidiary of Singapore Telecommunications Limited (together with
subsidiaries of Singapore Telecommuni- cations Limited, Singtel Group), a public listed company
incorporated in Singapore.
The Singtel Group is a provider of connectivity, digital services and digital infrastructure, and has
presence in Asia, Australia and Africa.
Sunstone is a special purpose vehicle incorporated in Singapore for the purpose of holding investments.
MIC Entity is an indirect wholly owned subsidiary of Mubadala Investment Company PJSC (Mubadala).
Mubadala is a United Arab Emirates (UAE) public joint stock company wholly owned by the Government
of Abu Dhabi in the UAE.
STT GDC is a direct subsidiary of STT Communications Ltd. and an indirect subsidiary of Singapore
Technologies Telemedia Pte. Ltd., a Singapore headquartered group active in communications and media,
data centres and infrastructure technologies businesses globally. STT GDC is a data centre provider. STT
GDC is present in India through its indirect subsidiary, STT Global Data Centres India Private Limited,
which is one of many data centre players active in India.
Detailed order of the Commission will follow.
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SR/ONP
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