New York-based private equity giant KKR & Co. and Singtel have agreed to buy the rest of data center operator ST Telemedia Global Data Centres (STT GDC) for S$6.6 billion ($5.2 billion) in cash amid an AI boom in the region.

The partners—which already hold a minority stake in STT GDC—will buy the remaining 82% stake held by ST Telemedia, a unit of Singapore state-linked investment firm Temasek, in a deal valuing the Singapore-based company at S$13.8 billion, according to a joint statement released on Wednesday.

“Digital infrastructure remains one of the most compelling long-term investment themes globally as cloud computing and data-rich applications continue to reshape how data is........

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