VNET Group, Inc. (VNET) announced that Success Flow International Investment Limited and Choice Faith Group Holdings Limited have entered into an investment agreement with VNET to make an equity investment in an aggregate amount of $299 million in the company. Success Flow and Choice Faith are beneficially owned by Shandong Hi-Speed Holdings Group.
Success Flow will make an equity investment of $209.3 million by subscribing for 455,296,932 newly issued Class A ordinary shares. Choice Faith will make an equity investment of $89.7 million by subscribing for 195,127,260 newly issued Class A ordinary shares. Immediately after the closing of the proposed investment, Success Flow and Choice Faith will hold approximately 29.5% and 12.6% of the total issued and outstanding shares of VNET Group.
Success Flow and Choice Faith also entered into an investor rights agreement with VNET and a voting and consortium agreement with Josh Sheng Chen, Founder and Executive Chairman of VNET, and his affiliated investment vehicles.
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