Strategic Investors to Inject US$942.8 Million for 38.1% Stake in VNET
PJ Millennium partnership will acquire up to 650.4 million Class A shares at US$1.4486 each, a US$942.8 million injection subject to SDHG approval and closing in Q4 2026. After completion, PJ Millennium will hold up to 38.1% of shares under investor rights and voting pacts.
1. Share Purchase Agreement Terms
PJ Millennium I and II will purchase up to 650,424,192 Class A ordinary shares at US$1.4486 per share, representing a US$942.8 million investment. Sellers Success Flow International Investment and Choice Faith Group Holdings will transfer shares to wholly owned subsidiaries of PJ Millennium Limited Partnership.
2. Closing Conditions and Timeline
The transaction requires approval by Shandong Hi-Speed Holdings Group shareholders and other conditions, with closing anticipated in the fourth quarter of 2026. Choice Faith may dispose of up to 195,127,260 shares before closing unless the buyers require full completion by September 15, 2026.
3. Governance and Control Provisions
Concurrent investor rights and voting agreements grant the buyers specific shareholder privileges, impose transfer restrictions for a defined period and mandate voting alignment with the founder parties. These measures aim to maintain control stability and support long-term strategic collaboration.