Bain Capital has reached out to Chindata Group with a $2.93 billion takeover offer, the IT service management company said Wednesday.
Bain’s proposal values US-listed shares of Chindata at $8 each, a premium of 27% over its Tuesday closing price. In response, the stock jumped more than 11% Wednesday afternoon to $7.01.
Shares of Chindata operator had previously lost 20% of their value in 2023.
Notably, Bain Capital already owns a 42.2% interest in Chindata, which designs and operates data centers in China, India and Southeast Asia.
Demand is growing for data centers and cloud services due to the increasing adoption of artificial intelligence technologies.
Meanwhile, shares of Bain Capital added more than 2% to $13.19.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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