© Reuters. FILE PHOTO: A view of Singtel’s head office in Singapore May 12, 2016. REUTERS/Edgar Su/File Photo
(Reuters) – Singapore Telecommunications on Monday said it entered into an agreement with MC2 Titanium, LLC to sell its stake in cyber security business Trustwave for $205 million.
Southeast Asia’s largest telecom firm began a strategic review of its 98% interest in Trustwave in 2021 after buying it for $770 million in 2015.
The divestment comes after SingTel incurred an impairment charge of S$336 million ($245.92 million) on Trustwave in the second half of 2021.
The divestment is expected to be completed by the fourth quarter and will not have a material impact on the group for fiscal 2024, the company said in a statement.
($1 = 1.3663 Singapore dollars)