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

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.