Lei Jianping on December 19
Bain Capital today announced the completion of the privatization of Chindata (NASDAQ:CD), a leading hyperscale data center operator in emerging markets in Asia Pacific. Chindata Group ceases trading in American Depository** with immediate effect and is no longer a listed company.
Zhu Jia, Partner and Co-Head of Asia Private Equity at Bain Capital, said: "Chindata Group is a hyperscale data center platform for emerging Asian markets that was established by the merger of two data centers owned and led by Bain Capital in 2019 (Chindata Data and Bridge Data Centres, which focuses on emerging markets in Asia), and was listed on NASDAQ in 2020. ”
"We are very pleased that the company has experienced various changes in the external environment, and the business has always maintained a strong and steady growth momentum. After the delisting of Chindata Group, Bain Capital will continue to support and drive the work of the existing management, enabling the team to develop more ambitious strategies and forge ahead to build the best data center in Asia.
"Over the past five years, Bain Capital, as the controlling shareholder, has provided vital support to Chindata Group through greenfield project development, capital market operations, and management capabilities, enabling us to continue to strengthen our leading position as a hyperscale data center platform in emerging markets across Asia," said Wu Huapeng, CEO of Chindata Group. The strong partnership between the firm and Bain Capital is an important driving force for our continued success. ”
Bain Capital beats China Merchants Capital but pays 2$300 million cost
Chindata is an Asia-Pacific hyperscale computing infrastructure solution operator, listed on the NASDAQ in the United States in October 2020 with an issue price of 13$5 with financing of $6$2.1 billion.
Qinhuai data on the first day of the ** price is 16$23, which is $20 from the issue price22%。At the ** price, the market value of Qinhuai data is 58$4.3 billion.
Before the IPO, Jing Ju (Ju Jing), the founder of Qinhuai Data, held 619%, Bain Capital Entities holds 5717%。
Bain Capital is a leading global alternative investment firm, founded in 1984, with approximately $175 billion in assets under management.
In February 2022, Qinhuai Data underwent a post-IPO change of leadership - the founder Ju Jing was out, and Wu Huapeng, the former president of China, became the CEO of the group, fully responsible for the group's strategic planning, organizational management and business development.
In June 2023, Bain Capital proposed to acquire all outstanding ordinary shares of Chindata not yet owned by Bain shareholders for $4 per Class A or Class B ordinary share, or $8 per American Depositary** in cash, including Class A ordinary shares represented by American Deposits** (ADS, each representing two Class A ordinary shares). Based on the above offer, Qinhuai Data is valued at approximately 29$300 million.
However, halfway through, he killed a "Cheng Biting Gold". In July 2023, China Merchants Capital Holdings (International)**, on behalf of itself and its affiliates ("China Merchants Capital"), announced that it would make a non-binding preliminary offer to the Special Committee of the Board of Directors of Chindata in June 2023.
China Merchants Capital intends to offer a Class A or Class B ordinary share of 4$60 in cash, or $9 per American Depositary Share (ADS).US$20 cash acquisition of all of the issued and outstanding ordinary shares of the Company, including Class A ordinary shares represented by American Depositary Shares ("ADS"), each representing two Class A ordinary shares (the "Proposed Transaction").
The proposed cash value of the proposed transaction is approximately US$3.4 billion. According to China Merchants Capital, the proposed privatization** represents a 15% premium to the acquisition proposed by Bain shareholders (based on its initial offer letter dated June 6, 2023), providing more value to Chindata Group shareholders.
As of March 31, 2023, the shareholding structure of Chindata
But China Merchants Capital has no control over Qinhuai Data, while Bain Capital controls 92% of the voting rights.
In August 2023, Chindata announced the signing of a privatization agreement to merge with BCPE Chivalry Bidco Limited (the "Parent Company") and BCPE Chivalry Merger Sub Limited (the "Consolidated Subsidiary"), a wholly-owned subsidiary of the Parent Company (the "Merger Agreement"). The transaction implies an equity value of approximately 31$600 million.
In the end, it was Bain Capital that led the privatization of Qinhuai Data, but Bain Capital also had 2$300 million in cost.
Qinhuai data's half-year profit is 4700 million
Bain Capital also harvested a cash cow. According to the financial report, Qinhuai Data's revenue in the first half of 2023 will be 299.7 billion, an increase of 53% year-on-year;The adjusted EBITDA is 163 billion yuan, a year-on-year increase of 569%；Net profit 47.2 billion yuan, a year-on-year increase of 605%。
Among them, Qinhuai Data's revenue in the second quarter of 2023 is 155.4 billion yuan, a year-on-year increase of 497%；The adjusted EBITDA is 81.6 billion yuan, a year-on-year increase of 499% and an adjusted EBITDA margin of 525%；Net profit 21.9 billion yuan, a year-on-year increase of 98%。
As of June 30, 2023, Chindata held 591.5 billion yuan (about 8..)US$1.6 billion), while as of December 31, 2022, Qinhuai Data held cash, cash equivalents, and restricted cash of 406.4 billion yuan.
Lei Di was founded by ** Lei Jianping, if ** please in**.