Chindata Group Holdings Limited (NASDAQ:CD) shares are up more than 14% Wednesday after the company reportedly received a take-private offer from investor Bain Capital.
The take-private offer values Chindata Group at $2.93 billion, Reuters reported, valuing each American depositary share at $8, representing a premium of more than 27% to the last closing price.
The report further noted that the private equity firm already owns a 42.2% stake in Chindata.
Last month, Bain Capital reportedly raised $4 billion for a new global “special situations fund” to snap up distressed investments in various asset classes.
The report added that data centers and cloud services have seen increased demand due to the widespread adoption of AI technologies.
Price Action: CD shares are trading higher by 14.5% to $7.20 on the last check Wednesday.
