GDS Announces US$150 Million Equity Investment by Ping An Overseas Holdings
03.15.19
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The Firm is representing GDS Holdings Limited (“GDS”) (NASDAQ: GDS) in connection with its US$150 million equity investment by China Ping An Insurance Overseas (Holdings) Limited (“Ping An Overseas Holdings”). The investment will be in the form of convertible preferred shares. GDS will use the proceeds from the investment to fund expansion of its data center capacity and for general corporate purposes.
GDS is a leading developer and operator of high-performance data centers in China and its facilities are strategically located in China’s primary economic hubs where demand for high-performance data center services is concentrated. Ping An Overseas Holdings is a direct wholly-owned subsidiary of Ping An Insurance (Group) Company of China, Ltd. (“Ping An”) (2318.HK) and is the main overseas platform for direct investments and asset management of Ping An.
The Simpson Thacher team for the transaction includes Ian Ho, Erik Wang and Chen Zhang (M&A); Daniel Fertig and Andrew Laub (Capital Markets); and Chris Murray (Tax).