South Korea’s SK Group and The Korean Teachers’ Credit Union (KTCU) can expect big money out of their joint investment in Chinadata Group Holdings after its blockbuster Nasdaq IPO.
SK Holdings, the holding company of SK Group, and pension fund KTCU, would earn about $150 million from their stock holdings in Chinadata Group Holdings at current value.
SK Holdings and KTCU in August acquired 9 percent stake in Chindata with $300 million out of $1 billion fund they created with equal shares. The Chinese data ceenter operator who joined Nasdaq in late September had its shares traded at around $14 on Wednesday (local time in the U.S.), placing its market capitalization at $5 billion. This means the two Korean firms can get a profit of $150 million if they decide to cash out now.
Chindata is an integrated data center operator focusing on Asia-Pacific emerging markets. Its largest shareholder is global equity fund manager Bain Capital.
By Kang Doo-soon and Cho Jeehyun
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