Digital Edge Holdings Ptd. Ltd has acquired the remaining shares of Indonesian digital infrastructure company PT Indointernet Tbk (Indonet).

This transaction represents the full acquisition of Indonet by Digital Edge, with the last shares previously held by Indonet's founders.

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– Digital Edge

The Singapore-based data center firm first took a majority stake in Indonet in 2021, investing $165 million.

The expansion of this investment has been funded through a combination of capital from Digital Edge alongside an external debt facility.

“We’re excited about the significant growth potential of Indonesia’s digital infrastructure market, with the domestic cloud and data center sectors both predicted to see double-digit CAGR of 28 percent in the coming years," said Digital Edge CEO Samuel Lee.

"This additional investment in Indonet further consolidates our position in the market and will enable the continued deepening of the fiber and connectivity services we offer our colocation customers across the platform.”

Indonet founder Otto Toto Sugiri, one of the four founders to depart with the remaining shares, added: “ Building Indonet from the ground up has been one of my greatest achievements and I am confident the Digital Edge team will continue to take the business from strength to strength, and further capitalize on the significant growth opportunities in the Indonesian digital infrastructure market.”

Indonet was founded in 1994 and was the first commercial Internet Service Provider in Indonesia. The company currently has one data center, Edge 1, a 6MW facility located in downtown Jakarta. A second data center, Edge 2, is set to launch in 2024 with 23MW of capacity and will be located less than 3km away from Edge 1.

Digital Edge was founded by Stonepeak in August 2020. The company has acquired and developed data centers across Japan, South Korea, Indonesia, and the Philippines.