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21VIANET GROUP, INC.

(VNET)
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21Vianet : Shares Reach 52-Week High After Blackstone Funds Investments

06/22/2020 | 01:04pm EDT

By Chris Wack

 

21Vianet Group Inc. shares hit their 52-week high of $22 after the company said funds managed by Blackstone have agreed to make a $150 million investment in the company.

Following the investment, Blackstone will become one of 21Vianet's largest institutional stockholders.

The company's stock was recently up 11% to $20.32 on volume of 3.3 million shares. Its 65-day average volume is 945,000 shares.

21Vianet said the investment will strengthen its balance sheet and help support the rapid growth that it is experiencing in wholesale and enterprise data center markets. 21Vianet intends to use the proceeds from the private placement on capital expenditures to reinforce its position in China's hyper growth data center market.

The investors will subscribe $150 million newly issued series A perpetual preferred shares, which are convertible into American Depositary Shares at a conversion price of $17 an ADS.

As part of the transaction, Blackstone will designate a non-voting observer to attend meetings of the 21Vianet board, subject to maintaining its shareholding at or above a specified percentage threshold.

 

Write to Chris Wack at chris.wack@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
21VIANET GROUP, INC. -2.43% 17.67 Delayed Quote.-47.79%
BLACKSTONE INC. -1.57% 125.1 Delayed Quote.96.10%
All news about 21VIANET GROUP, INC.
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08/2421VIANET : Reports Unaudited Second Quarter 2021 Financial Results (Form 6-K)
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08/2421VIANET : Swings to Q2 Profit as Revenue Rises, Offers Q3 Revenue Outlook; Stock Down Aft..
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08/2421VIANET : Q2 Earnings Snapshot
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Analyst Recommendations on 21VIANET GROUP, INC.
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Financials
Sales 2021 6 194 M 958 M 958 M
Net income 2021 194 M 30,1 M 30,1 M
Net Debt 2021 6 419 M 993 M 993 M
P/E ratio 2021 592x
Yield 2021 -
Capitalization 16 807 M 2 602 M 2 599 M
EV / Sales 2021 3,75x
EV / Sales 2022 3,33x
Nbr of Employees 2 599
Free-Float 44,3%
Chart 21VIANET GROUP, INC.
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Technical analysis trends 21VIANET GROUP, INC.
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Mean consensus BUY
Number of Analysts 14
Last Close Price 116,97 CNY
Average target price 219,71 CNY
Spread / Average Target 87,8%
EPS Revisions
Managers and Directors
Yuan-Ching Shen Chief Executive Officer
Tim Chen Chief Financial Officer
Sheng Chen Executive Chairman
Chun Feng Cai COO & CEO-Retail IDC Business Group
Yoshihisa Ueno Independent Director
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