Singtel struck a deal to offload its stake in US cybersecurity player Trustwave for an enterprise value of $205 million, completing a near 30-month [1] strategic review of its business prompted by rising costs.
The operator lined up a conditional share purchase deal for Trustwave with equity company MC Titanium. It reclassified the cybersecurity business as a subsidiary for sale on 30 September and will deconsolidate it from financials.
Singtel stated the deal should not have a material impact on earnings in fiscal year 2024, which runs to end-March 2024.
Reuters placed Singtel’s equity stake in Trustwave at 98 per cent and noted the operator acquired the business for $770 million in 2015.
Singtel anticipates concluding the deal in the next three months, subject to “regulatory approvals and customary closing conditions”.
The operator explained the Trustwave deal completes a strategic review commenced in May 2021 to drive growth by divesting assets. It highlighted the sale of SecureTrust [2] in October 2021 and a consolidation of its APAC business in early 2022 as other elements in the overhaul [3].
[1] https://www.mobileworldlive.com/asia/asia-news/singtel-profit-falls/
[2] https://www.mobileworldlive.com/asia/asia-news/singtel-sharpens-security-focus-with-securetust-sale/
[3] https://www.mobileworldlive.com/featured-content/top-three/singtel-to-sell-1-6b-stake-in-airtel/
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