(Bloomberg) -- A consortium of KKR & Co. and Singapore Telecommunications Ltd. agreed to invest S$1.75 billion ($1.3 billion) for a minority stake in Asian digital infrastructure provider ST Telemedia Global Data Centres.

The KKR-led group plans to make the investment in the closely held data center company known as STT GDC via redeemable preference shares and warrants, the companies said in a statement Tuesday, confirming an earlier report by Bloomberg News. Upon the exercise of the warrants in full, the consortium will invest an additional S$1.24 billion.

Following the investment, KKR will own about 14.1% in STT GDC, while Singtel, as the telecom group owned by wealth fund Temasek Holdings Pte. 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 Inc., Blackstone Inc. 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 centres across 11 geographies. It provides services such as colocation, connectivity, and support services.

KKR has been on a deals spree in Asia Pacific this year, investing in several assets spanning India, Japan, Australia and Southeast Asia.

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