Bain Capital is looking for a purchaser for its share in Bridge Data Centres.

      Sources informed Reuters that Bain is exploring the sale of a stake in Bridge Data Centres (BDC), a Singapore-based company that operates nine data centres in Malaysia, Thailand, and India, with a valuation set at $5 billion. Citi and JPMorgan are managing the sales process. Currently, no agreement has been reached, and discussions are in the early stages.

      Bain Capital is looking for a buyer for a portion of BDC, a pan-Asian hyperscale data centre operator it has supported since 2017, valued at around $5 billion, according to information obtained by Reuters from knowledgeable sources. Citigroup and JPMorgan are overseeing the sale. A final decision has yet to be made, and conversations are still in preliminary phases.

      BDC, based in Singapore, operates nine data centres, comprised of six in Malaysia, two in Thailand, and one in India. The company’s primary tenant is ByteDance, the parent of TikTok, especially for its hyperscale facility in Malaysia.

      In 2024, BDC secured $2.8 billion in senior secured bank financing, and in March 2026, Bloomberg reported that it was negotiating with lenders for an additional loan of up to $6 billion, intended to finance growth in Thailand, specifically for a new campus in Bangkok’s Eastern Economic Corridor.

      Furthermore, in January 2026, BDC revealed plans to invest up to S$5 billion (approximately $3.9 billion) in Singapore, aiming to reach regional capacity of around 2 gigawatts by 2030.

      The sale process follows a strategic review that began in late 2025. Bloomberg noted in December 2025 that Bain was considering options such as a minority stake sale or establishing a continuation vehicle. In January 2026, Bloomberg confirmed that Citi and JPMorgan had been retained for the process. CNBC reported in March 2026 that Bain was considering offering up to 70% of BDC to prospective buyers, with initial marketing materials already circulated. The Reuters report from April 23 marked the first instance of attaching a precise $5 billion valuation to the initiative, whereas earlier reports referred to it as “several billion dollars.”

      The geopolitical aspect of the BDC situation is notable and requires careful navigation. Chinese tech companies, including ByteDance, have utilized data centres outside of China, especially in Malaysia, as a means to acquire high-end Nvidia chips that US export controls have prevented them from obtaining directly in China. This situation has rendered BDC's Malaysian assets both commercially appealing and politically delicate. An acquisition by a US hyperscale company or a fund with connections to the US government would likely face scrutiny due to these considerations.

      Potential buyers are expected to include infrastructure-focused funds, sovereign wealth funds from Asia (notably Singapore or the Gulf), or other operators of data centres lacking exposure to US-China technology constraints.

      For Bain, the timing indicates a strategic exit from a portfolio that has grown increasingly complex. Bain invested in BDC in 2017, merged it with ChinData (its data centre business in China) in 2019, privatized ChinData in a $3.16 billion transaction in 2023, and subsequently separated the two entities, selling the China assets (renamed WinTriX DC Group) to a consortium led by Shenzhen Dongyangguang Industry for approximately $4 billion, a deal that concluded in early 2026.

      BDC now represents the remaining international asset. A $5 billion valuation would provide Bain with a substantial return compared to its 2017 investment, and the current timing, amid heightened demand for AI infrastructure and limited supply, presents one of the most favorable exit opportunities within the sector.

      Despite general market uncertainties, interest in Asian data centre assets has remained robust, driven by factors that are also elevating valuations worldwide: hyperscale tenants competing for space rather than operators vying for tenants, power limitations curtailing new supply, and long-term lease agreements ensuring reliable cash flow.

      BDC’s specific risk profile includes geographic concentration in Southeast Asia and India, a reliance on ByteDance for a significant portion of its revenue, as well as regulatory risks surrounding Chinese-linked data infrastructure, all of which may influence the pool of potential buyers willing to finalize a deal.