Formed through the merger of two Bain Capital-owned data centre platforms, namely ChinData and Bridge Data Centres, the China-based publicly listed company offers carrier-neutral hyper-scale data centre solutions in Asia-Pacific emerging markets
Bain Capital to acquire Asia-Pacific hyperscale data center solution provider Chindata Group in $3.16bn deal. (Credit: Bain Capital, LP.)
Private investment firm Bain Capital has agreed to acquire Asia-Pacific hyper-scale data centre solutions provider Chindata Group in a deal that implies an equity value of about $3.16bn to Chindata.
In this regard, BCPE Chivalry Merger Sub, a wholly owned subsidiary of BCPE Chivalry Bidco, will merge with and into the China-based publicly listed company.
According to the terms of the agreement, Chindata Group will receive $4.3 per ordinary share or $8.6 per American depositary shares of the company (ADS).
The consideration for the deal represents a premium of nearly 42.6% to the Chinese company’s closing price on the last trading day before the initial indication of interest by Bain Capital on 6 June 2023.
Formed through the merger of two Bain Capital-owned data centre platforms, namely ChinData and Bridge Data Centres, Chindata Group offers carrier-neutral hyper-scale data centre solutions in Asia-Pacific emerging markets.
The firm offers clients business solutions in markets, including asset-heavy ecosystem chain services like industrial bases, data centres, networks and IT value-added services.
ChinData Group CEO Huapeng Wu said: “Over the last five years, Bain Capital has provided crucial support through greenfield project development, capital market access, managerial expertise, which has enabled us to create a leading pan-Asian datacentre platform.
”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 the future.”
Upon the completion of the transaction, Chindata Group will no longer be listed on Nasdaq’s global select market and will become a private company.
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.”
Subject to customary conditions and other approvals, the deal is anticipated to be completed in Q4 2023 or Q1 2024.