CATL-Linked Investors to Buy VNET Stake in $942 Million Deal

Companies linked to China’s battery giant Contemporary Amperex Technology Co. Ltd. agreed to buy up to a 38% stake in Chinese data center operator VNET Group Inc. from an existing shareholder, in a deal that could be valued at up to $942 million.

Under the deal, units of PJ Millennium LP, whose general partner is an affiliate of CATL, will acquire up to 650 million Class A shares at $1.4486 each from VNET’s existing shareholder Shandong Hi-Speed Holdings Group Ltd., according to a company statement on Wednesday. The transaction is expected to close in the fourth quarter.