Brief: Vnet Announces Joint Venture With A Sovereign Wealth Fund To Develop And Operate Hyperscale Data Centers In China

VNET

13/12/2021 11:20

Dec 13 (Reuters) - VNET Group Inc  VNET.O :
    * VNET ANNOUNCES JOINT VENTURE WITH A SOVEREIGN WEALTH FUND
TO
DEVELOP AND OPERATE BUILD-TO-SUIT HYPERSCALE DATA CENTERS IN
CHINA
    * VNET GROUP INC - WILL ESTABLISH INDIVIDUAL PROJECT
COMPANIES TO
UNDERTAKE DEVELOPMENT OF EACH DATA CENTER
    * VNET GROUP INC - UPON COMPLETION OF DEVELOPMENT OF EACH
DATA
CENTER, VNET WILL TRANSFER 49% EQUITY INTEREST IN EACH PROJECT
COMPANY
    * VNET GROUP INC - WILL HOLD REMAINING 51% EQUITY INTEREST
OF EACH
PROJECT COMPANY.
    * VNET GROUP - FIRST TARGETED CAPITAL COMMITMENTS FROM VNET
AND
PARTNER IN RESPECT OF INVESTMENTS UNDER MASTER AGREEMENT
EXPECTED TO REACH RMB 5 BILLION

Source text for Eikon:  ID:nGNX88c5mW 
Further company coverage:  VNET.O 

 ((Reuters.Briefs@thomsonreuters.com;))