SK Holdings pays US$300 million for stake in Bain-backed data centre provider Chindata, source says
- Deal values Beijing-based company at US$3.1 billion, person familiar with the matter says
- Chindata pursuing potential US initial public offering later this year
SK Holdings, the parent of South Korean conglomerate SK Group, paid US$300 million for an 8.9 per cent stake in Bain Capital-backed data centre provider Chindata Group, according to a person familiar with the matter.
The deal valued the Chinese company at US$3.1 billion, according to the person, who was not authorised to discuss the matter publicly.
The transaction is subject to regulatory approval and is expected to close in the third quarter.
SK Group is one of South Korea’s largest conglomerates, with operations in a variety of sectors, including chemicals, energy, logistics, pharmaceuticals, semiconductor manufacturing and telecommunications.
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SK already holds significant investments in the data centres in South Korea, where it owns six data centers with more than 100 megawatts of in-service capacity.
Bain and Chindata did not immediately respond to requests for comment on Monday.