Time’s AIMS Data Centre business valued at RM3.2 bil, sells 49% stake to DigitalBridge

Time Dotcom Berhad (Time) has announced that it has partnered with US-based DigitalBridge Group to accelerate the expansion of AIMS Group (AIMS) data centre business across Asia. As part of the strategic partnership, the overall AIMS business is valued at an enterprise value of RM3.2 billion.

AIMS currently has a book value of RM240 million and the deal represents a significant gain since Time first acquired AIMS for RM119 million in 2012. Under the partnership, Time will immediately divest 49% of the ordinary shares and 100% of the irredeemable convertible preference shares in AIMS Data Centre Holdings Sdn Bhd.

Meanwhile, Time will also divest 21% of the ordinary shares in AIMS Data Centre (Thailand) Limited. The transactions are expected to close by the end of Q2 2023, subject to certain conditions including approval from Time shareholders.

Time Commander-in-Chief Afzal Abdul Rahim said proceeds from the transaction of approximately RM2.0 billion will be partly used to pay a special dividend of up to RM1.0 billion to their shareholders, and the balance will be reinvested into the Group to further grow shareholder value.

Commenting on the strategic partnership, Afzal said “We believe that DigitalBridge is the right partner as they are committed to building on AIMS’ heritage and capitalise on its strengths. We see this as a true partnership that will allow us to tap into their global experience in other markets.”

According to Time’s statement, AIMS is Malaysia’s leading highly connected, ecosystem-centric data centre and it is widely regarded as the home of Malaysian Internet. In its 22-year history as a data centre operator, AIMS has included the largest companies in the world amongst its customers. It currently has several data centres including its flagship facility in downtown Kuala Lumpur, a purpose-built site in Cyberjaya and a new data centre in downtown Bangkok.

The statement said the partnership between Time and DigitalBridge aims at bringing together a unique combination of two entities with distinctly different backgrounds – a focused telecoms and data centre operator and a digital infrastructure investor that has helped to grow some of the most successful data centre and digital infrastructure companies around the world.

Both companies envisage a rapid and tactical expansion of data centre facilities across primary and secondary cities in ASEAN and beyond with a focus on providing best-in-class services to multinationals, large enterprises, content providers, internet infrastructure providers and financial institutions. The plans will centre on AIMS as the primary platform expansion while making Malaysia a core hub and gateway for greater connectivity in the region.

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