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Chindata Group said on Friday it has agreed to go private with BCPE Chivalry Bidco and its subsidiary in a deal that values the Chinese data center operator at US$3.16 billion.
Data centers and cloud services have seen increased demand due to the widespread adoption of artificial intelligence (AI) technologies.
The merger deal, expected to close during the fourth quarter of 2023 or early next year, will be funded through a combination of cash and debt financing provided by Shanghai Pudong Development Bank, Chindata said.
In June, Bain Capital, the largest Chindata shareholder, said it did not intend to sell any of its shares in the company after a rival bid from China Merchants Capital (CMC). Bain took Chindata public on the Nasdaq in September 2020.
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