National Business Wire (Dec 19) -- U.S. private equity firm Bain Capital on Monday announced the close of its take-private deal for Chinese data center operator Chindata Group Holdings Ltd (CD:NASDAQ GS).

Chindata ceased trading its American depositary shares (ADSs with immediate effect, and is no longer a public company.

In early August, Bain Capital announced that it had entered into a privatization agreement with Chindata to acquire all of its outstanding shares at a price of $8.60/ADS, for a total valuation of approximately $3.16 billion.

Founded in August 2015, the data center services provider operates two sub-brands, "Chindata", a China-based data center platform, and "Bridge Data Centres", which focuses on emerging markets in Asia.

TikTok owner ByteDance is Chindata's number one customer, and the share of revenue contributed by it to Chindata jumped from 33% to 86.3% between 2018 and 2022.

In September 2020, Chindata went public on the Nasdaq, raising approximately $540 million.