VNET to sell up to 650M shares to PJ Millennium, gaining a 38.1% stake in Q4 2026 deal.

VNET Group announced a share purchase agreement where PJ Millennium subsidiaries will buy up to 650.4 million Class A shares at $1.4486 each, equivalent to $8.6914 per ADS. This investment, expected to close in Q4 2026 pending approvals, will give the buyers about 38.1% ownership in VNET. The deal includes investor rights and voting agreements to maintain company control and support strategic collaboration. VNET aims to leverage this partnership to advance innovation in China's internet data center industry.