Singapore Telecommunications (SingTel), the largest telecommunications company in Southeast Asia, announced on Monday that it has entered into an agreement with MC2 Titanium, LLC to sell its stake in the cybersecurity business Trustwave for $205 million. This move follows a strategic review initiated by SingTel in 2021, which assessed its 98 percent interest in Trustwave, a company it had acquired for $770 million in 2015.
The decision to divest comes after SingTel recorded an impairment charge of S$336 million ($245.92 million) on Trustwave in the latter half of 2021.
The divestment of the Trustwave stake is slated to be finalized in the fourth quarter of this year. SingTel has emphasized that this transaction is not expected to have a material impact on the group’s fiscal performance for 2024.
SingTel’s strategic realignment reflects the company’s commitment to optimizing its portfolio and aligning its investments with evolving market dynamics. The sale of its stake in Trustwave represents a calculated step toward reshaping its business focus and resource allocation.
The agreement with MC2 Titanium, LLC marks a significant development in SingTel’s ongoing efforts to adapt and thrive in the ever-changing telecommunications and cybersecurity landscape.
