BUUU Group has signed a definitive agreement for the acquisition of a 60% equity interest in Brightray Science, which supplies prefabricated modular data centre solutions.
This move is expected to make industrialised data centre delivery BUUU’s core growth business.
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Brightray, previously backed by Tencent-affiliated investors, is set to become a consolidated BUUU subsidiary on completion.
BUUU plans to move its corporate headquarters to Singapore.
Alongside the acquisition, the company has signed private placement agreements with certain investors.
Together with the possible cash exercise of outstanding warrants at $10.00 per share, these are expected to raise aggregate gross proceeds of more than $60m, earmarked for capacity expansion and working capital.
The financings are contingent on standard closing conditions.
Payment for the Brightray stake will comprise newly issued BUUU Class A Ordinary Shares priced at fixed $20.00 per share, plus a promissory note convertible into up to 10 million shares.
The note is subject to adjustment based on Brightray’s audited annual net income after closing, and to a beneficial ownership limit of 19.99% of BUUU’s total outstanding shares.
After the transaction is completed, the sellers will maintain a 40% ownership stake in Brightray, and BUUU will have a call option to purchase the remaining interest within three years after closing.
BUUU’s existing management and board are expected to stay in place, while Brightray founder Bin Wang will join as executive director and co-CEO.
Brightray says more than 90% of a facility is built, integrated and tested in its factory, shortening delivery from 18–36 months to six to nine.
Its flagship project is the 120MW Sedenak Tech Park campus in Johor, Malaysia, with 70MW capacity serving internet and cloud customers.
Wang said: “We made the data centre one of the fastest parts of AI instead of the slowest. With BUUU we gain the capital base and international standing to take this model global.”
