PJ Millennium closes $940M buy of 38% VNET stake
What's the deal? PJ Millennium Limited PartnershipDealroom has a profile for this one. Try Dealroom → has completed its acquisition of a 38.08% stake in VNET GroupDealroom has a profile for this one. Try Dealroom → from Shandong Hi-Speed Holdings GroupDealroom has a profile for this one. Try Dealroom → for roughly $940 million. The deal closed on August 24, 2026, at $1.4486 per share. Cash consideration of $942.2 million was paid toward VNET's common equity.
Why now? The transaction was first agreed on May 13, 2026, and needed sign-off from Shandong Hi-Speed shareholders. That approval came at a meeting on July 15, clearing the path to close in the fourth quarter timeline.
What's the endgame? VNET Group is a Nasdaq-listed operator in China's data centre and internet infrastructure sector. The stake gives PJ Millennium a controlling-sized position, replacing Shandong Hi-Speed as a major shareholder. Contemporary Amperex Technology (CATL)Dealroom has a profile for this one. Try Dealroom → was named as paying the cash consideration.
Who advised? Platinum Securities CompanyDealroom has a profile for this one. Try Dealroom → acted as financial advisor to Shandong Hi-Speed, the seller.
The signal: The exit reshapes VNET's shareholder base as capital continues to flow into data centre infrastructure, a sector underpinning growing demand for computing capacity. A near-$1 billion transfer of a single stake underscores how strategic these assets have become.
Image credit: NeoSpire
