China’s Wangsu Science sells data centre unit to Bain Capital for $146m

By Nguyen Thi Bich Ngoc

February 18, 2019

Chinese content delivery network Wangsu Science and Technology has approved the sale of its data centre unit Xiamen Qinhuai Technology to a Bain Capital Private Equity affiliate for 990 million yuan ($146 million).

The company’s shareholders approved the transaction last week. The sale proposal was earlier announced on January 3, according to its filing with the Shezhen stock exchange.

Wangsu, which owns 90 per cent of the data centre subsidiary, said it will implement the transaction through two steps, first buying the remaining 10 per cent from Xiamen Qinhuai Technology chairman, then offloading to the Bain Capital unit.

In the earlier announcement, Wangsu said, its chairman Chengyan Liu and vice president Xiao Yu, and Xiamen Qinhuai chairman will increase their holdings in the Bain Capital affiliate to 12.66 per cent, 0.67 per cent and 6.67 per cent, respectively.

Xiamen Qinhuai is operating nine data centres in China. Its semi-annual operating income as of 30 June 2018 was recorded at approximately 172 million Chinese yuan ($25.4 million).

Bain Capital Private Equity recently raised its fourth Asia fund at $4 billion, according to its website. The fund manager had raised a total of $6 billion for its first three Asia funds.

Also read:

Bain Capital said to have closed fourth Asia fund at $4.65b

Bain Capital enters China with $200m NPL portfolio purchase

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