Singtel to sell Trustwave stake for $205m

Singtel to sell Trustwave stake for $205m


Singtel has agreed to sell its stake in cybersecurity firm Trustwave for US$205 million.

After buying the 98% stake for US$770 million in 2015, the operator has reached an agreement with MC2 Titanium, a growth equity fund to sell that stake.

This comes as the firm incurred an impairment charge of S$336 million on Trustwave in late 2021.

Singtel says it intends to complete the deal within the next three months subject to regulatory approvals and closing conditions.

Based on its latest financial statements for the full year that ended on March 31, 2023, Trustwave contributed operating revenue of US$163 million – a 55.7% drop from US$368 million in 2022.

Singtel said the divestment is “in line with its strategic reset to refocus its business in Asia-Pacific and improve shareholder value by optimising resource allocation”.

The Southeast Asian operator also recently agreed to sell a 20% stake in its regional data centre business to KKR for US$807 million.

Those funds will be used to expand its data centre business across markets including Singapore, Indonesia and Thailand.

Gift this article