Seven law firms have assisted Chinese data-centre provider Chindata Group’s privatisation by its holding company Bain Capital, which buys all the outstanding stock at USD4.3 per ordinary share, or USD8.6 per ADS, for USD3.16 billion.
One of the leading carrier-neutral hyperscale data centre solution providers in China, Chindata provides clients with services including industrial bases, data centres and network services in the Asia-Pacific region. It listed on the Nasdaq in 2021 raising USD621 million.
Kirkland advised Bain Capital on US law in private equity, debt financing, capital markets, taxation and litigation. Gary Li, Pierre-Luc Arsenault and Lu Min from the Hong Kong office along with Sarkis Jebejian from New York led the team. The team also included the debt finance partner Jacqueline Zheng, capital markets partners Joshua Korff, Michael Kim, Ann Becchina and Louis Rabinowitz, tax partner Mike Carew, litigation partners Matthew Solum and Paul Quinn, and government and internal investigations partners Cori Lable and Qiu Yue.
King & Wood counselled Bain Capital on PRC law, headed by international partner Huang Ling, together with compliance and regulatory partner Susan Ning and Wu Han, and compliance counsel Zhang Ruohan, as well as finance partner Han Yue, Stanley Zhou and Simon Xu. Conyers acted for Bain Capital on Cayman Islands law.
The Gibson Dunn team, led by corporate partners Brian Schwarzwalder and Yue Qi, assisted Chindata on US law. Haiwen & Partners provided PRC law counsel to Chindata.
Maples, headed by partners Karen Zhang Pallaras and of counsel Vivian Lee, advised Chindata on Cayman Islands law.
Weil, Gotshal & Manges advised the financial adviser of the special committee, Citigroup Global, on US law, led by its Hong Kong managing partner Tim Gardner and private equity partner Chris Welty.