Bain Capital, a leading global private investment firm, announced today that it has signed a definitive agreement with Chindata Group Holdings Ltd (“Chindata Group” or the “Company”) (Nasdaq: CD), a leading Asia-Pacific hyperscale data center solution provider, to take the company private, at US$4.30 per ordinary share or US$8.60 per ADS. Bain Capital, together with a number of existing and new investors, will acquire all of the outstanding shares of the Company. The purchase price represents a premium of 42.6% to the closing price on the last trading day prior to initial indication of interest by Bain Capital on June 6 and a premium of 48.7% to the volume-weighted average price during the last 30 trading days prior to the initial indication of interest.
This transaction is a powerful demonstration of Bain Capital’s unique ability to bring together operating, real estate and capital markets expertise through our private equity and special situations teams.
Chindata Group was created through the merger of two Bain Capital-owned data center platforms: China-based data center platform ChinData and Asia emerging market-focused Bridge Data Centres. In 2017, Bain Capital launched Bridge Data Centres, which operates across Southeast Asia and India. In April 2019, Bain Capital acquired Chindata. Immediately thereafter, Bain Capital merged the two entities to form a pan-Asian hyperscale data center platform. Since its combination and subsequent IPO in 2020, the business has achieved strong growth. According to the latest earning release for Q1 2023, total data center utilized capacity reached 537MW and quarterly revenue was RMB1.44 billion.
Jonathan Zhu, Partner and Co-Head of Asia Private Equity for Bain Capital, 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 capitalize 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 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 datacenter 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.”
About Bain Capital:
Bain Capital is one of the world’s leading private investment firms with approximately $175 billion of assets under management that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into several asset classes including private equity, credit, special situations, public equity, venture capital and real estate. We leverage our shared platform to capture cross-asset class opportunities in strategic areas of focus. With offices on four continents, our global team aligns our interests with those of our investors for lasting impact.
