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Global Switch owner shortlists five potential buyers for $11bn business

Global Switch Hong Kong.jpg

The Chinese owner of data centre company Global Switch has shortlisted five organisations to buy the business for up to US$11 billion.

Reports this week, including from Bloomberg, listed EQT, Gaw Capital, KKR, PAG and Stonepeak as the five in the final running.

It’s expected that the five will now start due diligence, said the reports.

The first reports that controlling shareholder Jiangsu Shagang Group, a Chinese steelmaker, came in late 2020. The price was then said to be $8 billion.

Jiangsu Shagang has commented on reports regarding the appointment of investment banks to conduct a strategic review and invite potential offers for the company. But it has not so far many any official statement on the timing of a sale.

The five reported shortlisted companies have not commented on their potential interest.

Global Switch’s website says its “portfolio compromises thirteen data centres owned by consolidated entities in key connectivity hubs across Europe and Asia-Pacific, providing around 428,000 sq m of state of the art technical space”. Its two in London are both in the East India Dock area.

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