Private equity firms KKR and Singtel will acquire the remaining 82% stake in data center operator ST Telemedia Global Data Centers for S$6.6 billion ($5.1 billion), KKR said in a statement on Wednesday.

The deal, which brings STT GDC’s enterprise value to S$13.8 billion, comes at a time when demand for data centers is surging due to the boom in artificial intelligence.

Upon completion of the transaction, KKR will hold 75% of STT GDC’s shares, taking into account the conversion of existing preference shares held by both investors, while Singtel will own the remaining 25%.

KKR said the deal is its largest infrastructure investment to date in the Asia-Pacific region as global data center investment accelerates as demand for cloud computing and artificial intelligence workloads grows.

Global data center transaction volume hits record high fresh record Last year, driven by the rush to build the infrastructure needed for energy-intensive artificial intelligence workloads, S&P Global reported that more than $61 billion flowed into the data center market, up from $60.8 billion the previous year.

“Digital infrastructure remains one of the most compelling long-term investment themes globally,” said David Luboff, co-head of Asia Pacific and head of Asia Pacific infrastructure at KKR, citing STT GDC’s diverse footprint and development pipeline.

Founded in 2014 and headquartered in Singapore, STT GDC operates data centers in 12 markets across Asia Pacific, the UK and Europe, with a design capacity of 2.3 GW. The company provides hosting, connectivity and support services to hyperscale and enterprise customers.

Arthur Lang, Singtel Group Chief Financial Officer, said: “STT GDC’s diverse geographical footprint increases our exposure to new markets and positions Singtel Group as a stronger data center player with global reach.”