Bain Capital is looking to sell the China operations of WinTriX DC Group, a data center operator, with a potential deal valued at over $4 billion, according to sources familiar with the matter.
The investment firm has engaged advisers and started early discussions with potential buyers in recent months, though the information has not been publicly disclosed. The China business of WinTriX, formerly Chindata Group Holdings, is projected to generate nearly 4 billion yuan in earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2025.
Bain Capital declined to comment, while WinTriX did not respond to requests for further details.
The move comes almost two years after Bain Capital took Chindata private in a $3.16 billion deal. Bain acquired Chindata, a Chinese data center operator, in 2019, merging it with Southeast Asia-based Bridge Data Centres. The two entities were later separated under the WinTriX name following the take-private transaction.
The sale is taking place amid rising valuations in the data center industry, driven by growing demand, particularly from artificial intelligence advancements. Last year, Australian operator AirTrunk was sold for more than 20 times its forward earnings. In contrast, WinTriX’s Chinese competitor, GDS Holdings, is currently trading at a price-to-earnings multiple of 8.48 times, according to LSEG data.
However, Fitch Ratings downgraded WinTriX’s long-term issuer ratings from “BBB” to “BB” in February. The agency cited risks stemming from WinTriX’s shift toward international investments and the heightened competition in China, as well as slower demand for hyperscale data centers.
In 2022, WinTriX’s largest customer, Bytedance, accounted for 86% of the company’s revenue. WinTriX also operates data centers outside China, including in India and Malaysia.
In March, Bridge Data Centres secured $2.8 billion in financing to fund its expansion outside of China. Bain Capital will continue to control Bridge Data Centres for the time being, sources said.
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