Global Switch, the data centre company owned by the billionaire Reuben Brothers, has sold a 49 per cent stake in the business to a consortium of Chinese investors, despite concerns about national security.
The stake has been sold for £2.4bn in cash to a consortium called “Elegant Jubilee”. The figure is in line with reports that the business had been valued at around £5bn. Global Switch has long been linked with a potential float or trade sale. David and Simon Reuben purchased it in 2004 for a reported £585m, but have invested more than £1bn in expanding the business.
Li Qiang, a major shareholder in Chinese data centre company Daily-Tech Beijing, pulled together the consortium. The largest investor comes from outside the technology sector in the form of Jiangsu Sha Steel Group, the largest private steelmaker in China.
