Private investment company Bain Capital has signed a definitive agreement with Chindata Group Holdings to take the hyperscale data centre solutions provider private.
The deal is valued at approximately $4.30 per ordinary share or $8.60 per American depositary share (ADS).
This $3.16bn transaction marks the culmination of months of “uncertainty” over the future of the Asia-Pacific data centre operator, a Reuters report noted.
As part of the agreement, Bain Capital and several existing and new investors will acquire all the outstanding shares of Chindata Group.
Bain Capital informed that the purchase price includes around a 42.6% premium to the closing price on the last trading day, before the initial indication of interest by the investment firm on 6 June.
It also represents a 48.7% premium to the volume-weighted average price, before the initial indication of interest during the last 30 trading days.
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Bain Capital Asia Private Equity partner and co-head Jonathan Zhu said: “Chindata Group exemplifies Bain Capital’s unique ability to identify attractive investment opportunities across the Asia-Pacific region and our deep commitment to partnering with strong management teams to capitalise on growth opportunities.
“We believe taking Chindata Group private is the best way to provide attractive returns to existing public shareholders and secure the long-term success of the company.”
Chindata was formed by merging Bain Capital’s two data centre platforms, notably China-based ChinData and Asian market-focused Bridge Data Centres.
ChinData Group CEO Huapeng Wu said: “Our deep partnership with Bain Capital has been an essential element of our success, and we look forward to building on this track record together and continuing to provide best-in-class services to our customers in future.”