Singapore, Feb 3, 2026, 14:49 (SGT) — Regular session
Singapore Telecommunications Limited (Singtel) shares rose on Tuesday, with investors focusing on a possible data-centre deal involving private equity firm KKR. The stock was up about 4.5% at S$4.85 by mid-afternoon in Singapore. (Google)
The rally puts the spotlight back on Singtel’s push into digital infrastructure, an area investors have treated as a growth engine as spending on artificial intelligence lifts demand for computing capacity. A KKR-led consortium is nearing a deal to buy Singapore-based data-centre operator ST Telemedia Global Data Centres (STT GDC) that would value it at more than S$13 billion, the Wall Street Journal reported, Reuters reported. (Reuters)
Singtel, in a Singapore Exchange filing on Sunday, said it “continues to have discussions” as part of a consortium in relation to STT GDC, but flagged uncertainty. “While these discussions are at an advanced stage, there is no certainty that such discussions will lead to any definitive or binding agreement,” it said. (SGX Links)
ST Telemedia — wholly owned by Singapore state investor Temasek — holds about 82% of STT GDC, while KKR owns about 14% and Singtel more than 4%, The Straits Times reported, citing Reuters. Bloomberg News reported that Singapore’s GIC and Abu Dhabi’s Mubadala are in talks to join KKR and Singtel as minority co-investors, it added. (The Straits Times)
Singtel rose as high as S$4.88 earlier in the session, a near three-month high, and was on track for its biggest one-day percentage gain since early November, Dow Jones Newswires reported. The report said KKR is pursuing the acquisition together with Singtel. (MarketScreener)
Broker RHB Bank Singapore kept a “buy” call and a S$5.20 price target on Singtel, calling a potential acquisition “highly synergistic,” The Edge Singapore reported. RHB estimated Singtel could pay around S$2 billion for its share if the deal proceeds, and said the transaction could “transform Singtel into a data centre powerhouse with a global footprint.” (The Edge Singapore)
A data centre is a facility that houses servers and networking gear for cloud computing and enterprise systems. “IT load” is the power used by the computing equipment — a rough yardstick for how much capacity a site can run.
Still, traders have an obvious problem: there is no binding deal yet. A breakdown in talks, a higher purchase price, or tougher financing terms could cool the stock quickly, especially if investors start to worry about leverage or dilution to returns.
Investors will also look for clues on structure — who pays what, and how much debt sits at the asset level — and whether the consortium brings in additional partners to spread the cheque. Any details on governance and strategic control would matter, too, given Singtel’s existing exposure.
The next catalyst is a formal announcement if the talks move into a definitive agreement, or any further disclosure required by the Singapore Exchange if terms become material.
