Shares of VNET Group, Inc. (NASDAQ:VNET) are trading higher on Wednesday, following news of new strategic investors entering the company.
The stock’s movement comes as VNET announced that PJ Millennium I Limited and PJ Millennium II Limited have entered into a share purchase agreement to acquire nearly 650 million shares at approximately $1.44 per share, equivalent to $8.69 per American Depositary Share (ADS).
The new investment is expected to close in the fourth quarter of 2026, pending shareholder approval.
This move will allow the buyers to hold approximately 38.1% of the total issued shares of VNET, which could significantly influence the company’s strategic direction.
As of December 31, the aggregate amount of the company’s cash and equivalents, restricted cash and short-term investments was $941.1 million.
“Looking ahead, we will work closely with our strategic partners to deepen collaboration across technology and supply chains, and to jointly …
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