Singaporean telecoms investor ST Telemedia (STT) is reportedly considering selling its holding in Chinese data center operator GDS Holdings.

Citing people familiar with the situation, Bloomberg reports the Temasek-backed STT is sounding out interest from potential buyers for the entire 34 percent stake in GDS.

ST Telemedia declined to comment to the publication. GDS didn’t respond to requests for comment.

STT, which is owned by Singapore’s state-owned sovereign wealth fund Temasek Holdings, develops and operates data centers through its STT GDC division.

The division operates, or is building, data centers in India, Indonesia, Japan, the Philippines, Singapore, South Korea, Thailand, the United Kingdom, Germany, Malaysia, Vietnam, and Italy. Its portfolio totals more than 95 data centers and 1.7GW of capacity across 11 geographies and points of presence across more than 20 markets.

The company owns stakes in Chinese operator GDS and UK-based firm Virtus.

KKR is reportedly looking at acquiring STT GDC for around $5 billion. KKR already owns a 14.1 percent stake in STT GDC, after it partnered with Singtel to invest S$1.75bn (US$1.4bn) in the company last year.

GDS Holdings was founded in 2006 and operates dozens of data centers across Greater China, including Suzhou Kunshan, Chengdu, Shanghai, Shenzhen, and Beijing.

The Chinese operator recently spun out its international division into a new company called DayOne. The company has secured outside investment from the likes of SoftBank Vision Fund, Citadel CEO Kenneth Griffin, Coatue Management, and Baupost Group.

GDS retains a non-controlling 35.6 percent equity interest in DayOne. DayOne’s portfolio currently comprises approximately 480MW of data center capacity in service and under construction, and an additional 590MW held for future development across sites in Hong Kong, Singapore, Malaysia (Johor), Indonesia (Batam), and Japan (Tokyo). The company recently broke ground on a site in Thailand.

At one point, STT was a major investor in US colo giant Equinix. ST Telemedia launched i-STT in 2000, which was later merged into Equinix in the US. ST Telemedia became the largest strategic shareholder in Equinix, though it has since divested its interest in the company.