Malaysia-headquartered Axiata Group Bhd announced on Thursday that Japan-based conglomerate Mitsui & Co., Ltd will invest $58 million in Axiata Digital & Analytics Sdn Bhd (ADA), facilitated through ADA’s holding company, Axiata Digital Services Sdn Bhd (ADS).
Mitsui’s additional investment has established a watermark valuation of $550 million for ADA, the telecommunications group said in a statement.
Following the investment, Mitsui’s stake in ADS will increase from 3.29 percent to 20 percent, resulting in an effective 12.69 percent stake in ADA.
On the strength of the investment, ADA – the largest independent data and AI company in the region, spanning 12 countries across Asia – is set to broaden its digital reach and reinforce its commitment to advancing digital and data transformation in the region.
Mitsui has been working closely with ADS and ADA since their initial investment in 2019, and is now intensifying its efforts to deliver data and AI solutions to partners and clients in the APAC region.
Source: Technode Global