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Globe, ST GDC, Ayala Corp form joint venture to boost PH data centers

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ABS-CBN News

<p>MANILA - Globe Telecom on Wednesday announced the formation of a joint venture with Ayala Corp and ST Telemedia Global Data Centers (STT GDC for data center projects in the Philippines.</p><p>Under the agreement, STT GDC and AC will subscribe to new shares in KarmanEdge Inc, a Globe subsidiary &quot;that will house the carved-out data center business, which has the potential to expand by up to 100MW capacity in mid to long term,&quot; both Globe and AC said in separate disclosures to the stock exchange.</p><p>ST Telemedia Globa Data Centers is a data center provider which is headquartered in Singapore.</p><p>The capital infusion from the new partners will raise the valuation of KarmanEdge Inc to over $350 million, Globe said. Globe will receive $100 million while the remaining injected capital will be used for future expansion and growth. </p><p>Globe shall remain the largest shareholder with 50 percent ownership, followed by STT GDG with 40 percent and AC taking up the balance, Globe said.</p><p>The transaction is expected to be completed by the first quarter of 2021, it said.</p><p>&quot;The Philippines is an underserved market with huge demand for data center services...we believe that this joint venture will be well-positioned to become the leader in the data center space in the Philippines,&quot; Globe president and CEO Ernest Cu said. </p><p>Globe said it has been operating data centers since 2001 through its unit Innove Communications Inc. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/17/21/globe-ernest-cu-gcash">&#x27;Be the disruptor, not the disrupted&#x27;: Globe&#x27;s Ernest Cu</a></li>	<li><a href="https://news.abs-cbn.com/business/06/08/21/alibaba-cloud-data-center-philippines-train-it-professionals">Alibaba Cloud unveils plan to build data center in PH</a></li>	<li><a href="https://news.abs-cbn.com/video/business/02/23/22/pldt-building-100-mw-data-center-in-laguna">PLDT says building 100 MW data center in Laguna</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1727600" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Globe Telecom announced the formation of a joint venture with Ayala Corp and ST Telemedia Global Data Centers for data center projects in the Philippines.