APAC data center firm DayOne has bought $385 million worth of its own shares from former parent company GDS.

GDS, a Chinese data center operator, spun DayOne out as a separate business last year, but has retained a minority shareholding in the company.

Though the amount of shares purchased has not been disclosed, a GDS statement said the $385 million price represented 95 percent of its “principal invested” in DayOne, referring to the original sum of money it put into the business.

It retains a shareholding in DayOne worth $2.2 billion, based on the valuation put on the company at its recent Series C funding round.

“GDS currently intends to reallocate the proceeds of the share repurchase to invest in compelling new business opportunities with attractive return potential in its core business in China,” a company statement said.

Headquartered in Singapore, DayOne’s portfolio currently comprises more than 500MW of data center capacity in service and under construction, and more than 500MW held for future development across sites in Hong Kong, Singapore, Malaysia (Johor), Indonesia (Batam), and Japan (Tokyo). The company recently broke ground on a site in Thailand and another in Singapore. In August, it made its first foray into markets beyond Asia, announcing a campus in Lahti, Finland.

GDS was founded in 2006 and operates dozens of data centers across Greater China, including Suzhou Kunshan, Chengdu, Shanghai, Shenzhen, and Beijing.

DayOne CEO Jamie Khoo outlined the company’s future plans to DCD in an interview earlier this year. Read it here now.