KKR and Singtel’s planned S$13.8 billion acquisition of ST Telemedia Global Data Centres is one of Southeast Asia’s largest digital infrastructure deals — and a signal of where long-term capital is heading next.

On Industry Insight, The Afternoon Update's Lynlee Foo speaks with KKR’s Projesh Banerjea, Managing Director and Head of Southeast Asia Infrastructure on what investors are really buying at this scale, from ownership and control of capital-intensive platforms to the growing scarcity of power, land and development-ready sites. The conversation also examines cloud versus AI demand, evolving risk dynamics, and what will define winners in Southeast Asia’s next phase of digital infrastructure growth.