Time partners DigitalBridge to expand AIMS data centre business

• Partnership brings combines expertise from both firms
• Aims overall business valued at an enterprise value of US$698 mil

Time dotCom Berhad (Time) has announced it has partnered with affiliates of DigitalBridge Group Inc, one of the owners and operators of digital infrastructure assets, to accelerate the expansion of its Aims Group data centre business across Asia.

In a statement, Time said its partnership with DigitalBridge is premised on bringing together a unique combination of two entities with distinctly different backgrounds.

It said this includes a focused telecoms and data centre operator with assets across Asean, and a digital infrastructure investor that has enabled the growth of some of the most successful data centre and digital infrastructure companies around the world.

It added that both parties 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 for expansion, whilst making Malaysia a core hub and gateway for greater connectivity in the region, Time said.
 
Following a strategic review of its data centre business in late-2021, Time found that there were significant opportunities in underserved markets across Asia.
 
Afzal Abdul Rahim, commander-in-chief of Time, said the company believes 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 on their global experience in other markets,” he said.

Justin Chang, managing director and head of Asia for DigitalBridge said Aims operates some of the most strategic data centre assets in the ASEAN region. 

“We are excited to have such a strong foundation to build a broader regional business focused on providing high quality interconnection and ecosystem facilities to our global customers,.

“Time has an impressive track record of building connectivity linked businesses across the ASEAN region and is the ideal partner for this endeavour,” said Chang.

As part of the strategic partnership, Time claimed the overall Aims business is being valued at an enterprise value of US$698 million (RM3.2 billion).

This compares to its current book value of US$52.4 million (RM240 million) and represents a significant gain since Time first acquired Aims in 2012 for US$26 million (RM119 million), it said.

[RM1 = US$0.21]

“This strategic partnership allows us to crystallise substantial value from the investment we have made in AIMS over the years,” said Afzal. 

He added that the proceeds from the transaction of approximately RM2 billion will partly be used to pay a special dividend of up to RM1 billion to Time’s shareholders, and the balance will be reinvested into the group to further grow shareholder value.