Bain Capital said to bring new investor as option for SG data center

Bain Capital is exploring options for Bridge Data Centres, a Singapore-based data center operator, including bringing in new investors, according to sources cited by Bloomberg.

The US private equity firm is in early discussions with advisers, and possible moves include a stake sale or the creation of a continuation fund that would allow Bain to stay invested while attracting new funding.

Potential investors could be infrastructure funds, other data center operators, or sovereign wealth funds, and the business may be valued at several billion US dollars, the sources said.

Deliberations are still at an early stage, and Bain may ultimately decide not to proceed with a deal.

Bain invested in Bridge Data Centres in 2017, and the company operates facilities in Malaysia, Thailand, and India.

The review comes after Bain agreed in September to sell its China-based data centers for about US$4 billion.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Bridge Data Centres’ scale suggests multibillion valuation may be premature

Bridge Data Centres (BDC) is a Singapore-based operator backed by Bain Capital that runs sites in Malaysia, Thailand, and India with 600 megawatts (MW) planned by end-2025 1. BDC says it became Malaysia’s largest by live capacity in 2024 2. Johor holds 1.9 gigawatts (GW) of existing and committed capacity 3, which nears markets above 2 GW such as Tokyo, Sydney 3.
MY07 in Johor has 400 MW under construction 3, and the MY06 Campus adds more than 100 MW 1, so cash flow is still ramping.
Peer deals carry premiums. Blackstone bought AirTrunk at 21x run-rate Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) 4. Run-rate means annualized performance based on current contracts. AirTrunk changed hands for almost $16 billion 5, while BDC’s focus on emerging Southeast Asian markets makes similar multiples hard without a proven record.

Data center operators and infrastructure funds can capitalize on Southeast Asia’s capacity shortfall

APAC data center capacity could double by 2028 yet still fall short by 15 to 25 gigawatts (GW) due to AI workloads 4. Southeast Asia could triple by 2030 4, which opens room for roll-ups.
Private equity supplied 80 to 90 percent of deal value since 2021 5, with $9.2 billion into Vantage Data Centers, a global hyperscale data center platform 5. BDC lines up future sites with Mah Sing, including 36 acres valued at Malaysian ringgit (RM) 311 million and another 42 acres in Johor that could support 300 MW 6. BDC holds a 400 MW supply agreement and a renewable energy supply contract with Tenaga Nasional Berhad (TNB), Malaysia’s main electricity utility 3. These ties can speed time to market.