A sale of Singapore Telecommunications' cyber security business could raise as much as $300 million.
The people asked not to be identified because the matter is private, said that the Singapore service provider has been talking with financial advisers. According to the people, trustwave could attract interest from other firms.
They said that Singtel could retain the asset. A person for Singtel wouldn't say anything.
Singtel wants to raise cash and concentrate on its core phone services business. The company took a $250 million impairment charge against its investment in Trustwave and began a strategic review of the business. The payment card industry compliance business of Trustwave was sold for $80 million. Trustwave was acquired by Singtel in 2015.
The company agreed to sell Amobee in July for $239 million. A possible stake sale in the fiber assets of its Australian subsidiary is one of the options being considered. AustralianSuper bought a majority stake in the mobile phone towers unit from Singtel for about $1 billion.
The valuations of both private and public tech assets have fallen in recent months due to rising interest rates and fears over the economy. Crowdstrike has lost more than 20% in the last year, whileNortonLifeLock has lost more than 9%.
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