Singapore 17 July 2025 - Seraya AQX Pte Ltd (“AQX”), a digital infrastructure investment platform wholly owned by Seraya Partners, has entered into a definitive agreement to acquire 100% of SPTel Pte Ltd (“SPTel”) from Singapore Technologies Engineering Ltd’s (“ST Engineering”) wholly-owned subsidiary, ST Engineering Urban Solutions Ltd., and Singapore Power Limited (“SP”) for an enterprise value of SGD290 million (c. USD227 million).
SPTel is a mission-critical, physically independent fibre network operator in one of Asia’s most advanced digital economies. Its nationwide network offers diversity and resilience over the existing telecommunications infrastructure. This architecture enables SPTel to deliver ultra-reliable, low-latency connectivity to corporate, government, telecom, and data centre clients across Singapore. SPTel also provides direct and diverse cross-border fibre routes into neighbouring data centre hubs in Malaysia and Indonesia, positioning it as a natural backbone for the emerging SG+ digital corridor.
The acquisition of SPTel represents a rare opportunity to scale a strategic digital infrastructure platform in a high-barrier market. As SPTel remains in the early stages of its P&L growth, the business has significant potential to achieve two to three times growth over the coming years, particularly as demand from the emerging AI and quantum security sectors accelerates. In addition to strong organic growth from its enterprise customer base, the Singapore–Johor corridor is rapidly emerging as a major APAC data centre hub, with a projected combined capacity exceeding 3 GW. SPTel’s physically independent fibre network is expected to play a critical role in enabling intra- and cross-border data traffic within this ecosystem.
Together with Singapore’s position as a leading digital economy and regional gateway, the acquisition positions AQX and SPTel to capture long-term, value-accretive growth opportunities across Asia’s digital infrastructure landscape.
AQX invests in scalable digital infrastructure assets in Asia Pacific developed markets such as Singapore, Japan, Korea, and Australia. It focuses on hard to replicate assets that are defensible, and aligned with secular growth themes such as enterprise digitization, AI, and data center proliferation.
“The acquisition of SPTel by AQX aligns with Seraya Partners’ strategy of investing in scarce infrastructure platforms with long-term value creation potential, and we would like to thank ST Engineering and SP for entrusting us with this opportunity to support SPTel in the nextchapter of its exciting growth journey,” said James Chern, CIO and Managing Partner of Seraya Partners.
Through this acquisition, AQX aims to expand SPTel’s operations and network, with the vision of transforming SPTel into the leading provider of advanced enterprise and data centre fibre connectivity solutions for the SG+ region. AQX is also committed to supporting SPTel’s continued innovation in next-generation value-added services, including the development of Singapore’s first nationwide quantum-safe network. SPTel will maintain its service commitments and capabilities to ST Engineering and SP.
“AQX is delighted to partner with SPTel’s visionary CEO, Titus Yong, and his experienced leadership team. Together, we look forward to growing SPTel into a premier provider of fibre connectivity solutions for Singapore, while also addressing mission-critical connectivity demands of the SG+ AI corridors into Johor and Batam,” added Matthias Vukovich, CEO of AQX.
The proposed transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including regulatory approvals from the Infocomm Media Development Authority of Singapore.
Redpeak Advisors acted as the exclusive financial advisor to AQX in this transaction.
For media enquiries, contact enquiries@serayapartners.com or info@aqxdigital.com
