Singtel Readies $300 Million Sale of Cyber Security Arm Trustwave, Sources Say

Bloomberg2022-08-22

Singapore firm speaking with advisers for Trustwave saleTelco has been reviewing assets to focus on core businessSingapore Telecommunications Ltd. is moving forward with a planned sale of its cyber ...

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2022-08-23
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Trustwave could attract interest from other firms in the industry and investment funds, according to the people.Considerations are preliminary and Singtel could still decide to retain the asset, they said. A representative for Singtel declined to comment.Singtel is streamlining its portfolio as it seeks to raise cash and focus on its core phone services business. The company announced in May 2021 it was taking a $250 million non-cash impairmentchargeagainst its investment in Trustwave, and said had begun a strategic review of the business. Trustwave later divested SecureTrust, its payment card industry compliance business, for $80 million, according to a press releaselast October. Singtel acquired Trustwave in 2015 for $810 million.The telecom company agreed to sell advertising platform Amobee in July to Tremor International Ltd. for total consideration of $239 million, according to a statement. It is also considering options including a potential stake sale in the fiber assets of its Australian subsidiary SingTel Optus Pty, Bloomberg News has reported. In October, Singtel sold a majority stake in the mobile phone towers unit of Optus to pension manager AustralianSuper Pty for about $1.4 billion.The valuations of both private and public tech assets slumped in recent months amid rising interest rates and fears over economic growth, prompting some investors to trim bets on digital companies. 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