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Benzinga
Benzinga
Business
Anusuya Lahiri

Blackstone Agrees To Invest In VNET Via Convertible Notes

VNET Blackstone China
  • Funds managed by Blackstone Inc (NYSE:BX) Blackstone Tactical Opportunities have agreed to invest in VNET Group Inc (NASDAQ:VNET).
  • Blackstone looks to purchase VNET's $250 million of convertible notes having a term of five years and carry interest at 2% per annum.
  • The Notes are convertible into the VNET's ADSs, each representing six shares, at $11.00 per ADS, representing a premium of 35% to the latest closing price of $8.14 per ADS. 
  • VNET is a carrier- and cloud-neutral Internet data center services provider in China.
  • Josh Chen, Founder and Chair of VNET said, "Over the last two years, we have accelerated the growth of our data center footprint in high-demand locations across China's tier-1 cities. Blackstone's investment provides us with the capital to take advantage of a robust pipeline of attractive development projects that support our hyper-scale and enterprise customers. We look forward to building on this partnership with Blackstone."
  • Price Action: VNET shares traded higher by 1.11% at $8.23 on the last check Friday.
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