Singtel makes move on Trustwave sale plan - Mobile World Live

Singtel makes move on Trustwave sale plan

22 AUG 2022

Singtel reportedly pushed ahead with plans to sell US-based cybersecurity business Trustwave, as the operator continues efforts to streamline its portfolio, focus on 5G and raise cash to develop new revenue streams.

Citing unnamed sources, Bloomberg reported Singtel had sought out financial advisers in preparation for a sale, although discussions are at a preliminary stage.

It expects to raise around $200 million to $300 million from the divestment, with rival operators, companies in the telecoms industry and investment funds tipped to be interested in a possible deal.

Aside from focussing on 5G, Singtel is also looking at new growth engines including developing IT services and investment in data centres.

Review
Singtel said it was reviewing its future strategy for Trustwave in May 2021 after recording an impairment charge of more than SGD336 million ($240.5 million) with the business hit by industry and operational challenges.

At the time, CEO Yuen Kuan Moon said it would look to identify ways to increase profitability, restructure or target a full or partial divestment.

It then sold payment card industry compliance business SecureTrust a subsidiary of Trustwave, in October 2021.

Singtel’s moves are the result of a wider strategic reset to drive growth, a plan which has also resulted in a 70 per cent sale of infrastructure unit Australia Tower Network.

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Kavit Majithia

Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >>

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