Chindata Group going-private transaction
We are advising APG on the transaction
Davis Polk is advising APG Asset Management N.V. on the rollover of its equity shares in the going-private transaction of Chindata Group Holdings Ltd. at $4.30 per ordinary share or $8.60 per American depositary share (ADS). Bain Capital, together with certain existing and new investors, will acquire all of the outstanding shares of Chindata. The transaction implies an equity value of Chindata of approximately $3.16 billion. If completed, the transaction will result in Chindata becoming a privately held company and its ADSs will no longer be listed on the Nasdaq Global Select Market. The transaction is currently expected to close during the fourth quarter of 2023 or the first quarter of 2024 and is subject to customary closing conditions, including approval by the shareholders of Chindata.
APG Asset Management is one of the largest pension investors in the world and a leading global long-term investor, managing in total a value of approximately €538 billion.
Chindata Group is a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets and a first mover in building next-generation hyperscale data centers in China, India and Southeast Asia markets, focusing on the whole life cycle of facility planning, investment, design, construction and operation of ecosystem infrastructure in the IT industry.
Founded in 1984, Bain Capital is one of the world’s foremost private investment firms, with more than $120 billion under management across several asset classes, including private equity, venture capital, public equity, credit products and absolute return.
The Davis Polk corporate team includes partner Miranda So, counsel – registered foreign lawyer Jie Zhang and registered foreign lawyers Rebecca Yang and Lucy Cai. Partner Nick Benham, counsel Aaron Ferner and associate Claudia Herron are providing finance advice. Partner Ethan R. Goldman and associates Kelli A. Rivers and Ya Sheng Lin are providing tax advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.