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Chindata Group said that it would go private in a $3.16 billion deal with its largest shareholder Bain Capital.
The all-cash offer from Bain Capital, with 87% of voting power and 42% of outstanding shares, values each American depository share of Chinadata at $8.60, a 7.5% increase from the private equity firm’s proposal in June.
It also marks a premium of about 43% to the closing price before the initial approach was made public.
Chindata, which operates data centers in China, India and Southeast Asia, rose 3% after the bell.
Bain Capital, which took Chindata public on the Nasdaq in September 2020, said earlier this year it will not sell any of its shares in the company after it received a bid from China Merchants Capital for $3.4 billion.