Hagang Group Acquires 24% Stake In Global Switch

- Aug 29, 2019-

hagang Group acquires 24% stake in Global Switch


A 24.01% stake in Global Switch Holdings Limited ("Global Switch" or "theCompany"), has been acauired bv Jianasu Shagang Group Co. Ltd ("ShagangGroup"), the largest privately owned steel maker in China.Global Switch is the leadina owner. operator and developer of large scale network ense. carrier and cloud neutral multi-tenanted data centers in Europe and Asia Pacific. The stake has been acquired from Aldersqate Investments Limited, a Reuben Brothers company, in a transaction valued at £ 1.8bn.The investment by Shagang Group, through an indirect wholly owned investment ehicle, increases its equity stake in Global Switch to 49.9% on a look through basis, making it the largest shareholder in the Company. Shagang Group had previously acquired indirect stakes in the Company through its participation in the Elegant Jubilee Limited and Strategic IDC Limited consortia of institutional and private investors, which invested in Global Switch in December 2016 and July 2018.This further investment in Global Switch is part of Shagang Group's ongoing strategy o diversify its asset base into technical infrastructure supporting the new economy and demonstrates its continued confidence in Global Switch and its management team.