Singtel Ends Partnership with Trustwave

In a strategic move aimed at reducing costs, Singapore Telecommunications Ltd (Singtel) has finalized a deal to sell its majority stake in US cybersecurity firm Trustwave for an estimated enterprise value of £205 million.

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As part of the agreement, Singtel has signed a conditional share purchase deal with private equity firm MC Titanium. The telecom operator had reclassified Trustwave as a subsidiary for sale in September and will now deconsolidate it from its financials.

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Singtel expects the sale of its stake in Trustwave to have no significant impact on its earnings for fiscal year 2024, which ends in March 2024.

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The acquisition of Trustwave by Singtel in 2015 was for an amount of £770 million, with the telecom operator holding a 98% equity stake, as reported by Reuters.

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The completion of the sale is subject to regulatory approvals and customary closing conditions, with Singtel aiming to finalize the deal within the next three months.

This strategic review and divestment of Trustwave is part of Singtel's wider plan to drive growth by streamlining its asset portfolio. It follows the sale of SecureTrust in October 2021 and the consolidation of its APAC business earlier this year.

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