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Bain Capital values Chindata at nearly $3 billion in take-private offer

2023.06.07 12:48


© Reuters. The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon

(Reuters) -Chindata Group said on Wednesday that investor Bain Capital has offered to take the Chinese data center operator private in a deal valuing the company at $2.93 billion.

Chindata’s shares, which have lost more than a fifth of their value this year, rose about 14% to $7.18 in early trading.

Bain Capital’s proposal values each American depositary share of Chindata at $8, representing a premium of more than 27% to its last closing price.

The private equity firm already owns a 42.2% stake in Chindata, according to Bain Capital.

Data centers and cloud services have seen increased demand due to the widespread adoption of AI technologies.

However, analysts expect enterprise customers to optimize their expenditure on cloud services.

Chindata’s services include designing and operating data centers in China, India and Southeast Asia.

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