UAE’s Mubadala Invests in Singapore’s Princeton Digital

Mubadala Investment Company, Abu Dhabi’s sovereign fund, is considering investing in Singapore’s Princeton Digital, which operates in data centers in Asia, as the Singaporean company is currently raising funds, according to people familiar with the matter.

The people, who asked not to be identified, said Mubadala was likely to become the lead investor in the first round of private financing. They added that others are set to join during the funding rounds in the coming weeks.

Bloomberg News reported in June that Singapore-based Princeton Digital, which is backed by the private equity firm, and Warburg Pincus, is considering raising about $400 million from investors in a deal that could increase the company’s value to $2 billion. about a dollar. People familiar with the matter said at the time that raising funds would be a stepping stone to a potential initial public offering.

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The sources said that the talks between the parties are still ongoing, and no final decision has been taken, and the talks may end without results. Representatives for Mubadala and Warburg Pincus declined to comment, while Princeton Digital did not immediately respond to a request for comment.

Princeton Digital operates 20 data centers in 14 cities in countries including: China, Singapore, India, Indonesia and Japan, according to its website.

Private equity firm Warburg Pincus invested in and helped found the company in 2017, along with Chairman and CEO of Princeton Digital, Rangu Saljim, and COO Varun Raghavan.

Last year, the company raised $360 million in an equity investment round led by the Ontario-based Canadian Pension Fund, according to its official website. The company also secured $230 million in debt refinancing this year to support its $1 billion expansion plans in China.

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UAE's Mubadala Invests in Singapore's Princeton Digital - /10

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Mubadala Investment Company, Abu Dhabi's sovereign fund, is considering investing in Singapore's Princeton Digital, which operates in data centers in Asia, as the Singaporean company is currently raising funds, according to people familiar with the matter.

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