SC Capital Partners in talks to buy British data centre group Global Switch: sources
[LONDON/SINGAPORE] Singapore-headquartered real estate investment manager SC Capital Partners has emerged as a potential bidder for British data centre group Global Switch, two people familiar with the matter told Reuters.
The firm, backed by global real asset manager CapitaLand Investment, is working with advisers to buy the London-based company, which is currently controlled by Chinese steelmaker Jiangsu Shagang Group, one of the people said on Thursday (Apr 10).
Both sources spoke on condition of anonymity because the matter is private.
Talks are ongoing and subject to market conditions, the people said, cautioning that a deal is not guaranteed.
A transaction could value Global Switch at between US$4 billion and US$5 billion, the first person said, adding that SC Capital Partners is the only bidder that has emerged for the company.
A spokesperson for Global Switch declined to comment. SC Capital Partners and Jiangsu Shagang did not respond to Reuters’ requests seeking comment.
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Against the backdrop of rising demand for artificial intelligence and cloud computing-based services, digital infrastructure assets such as data centres are increasingly gaining investors’ attention.
Founded in 2004, SC Capital Partners has over 60 institutional investors globally and around US$6 billion in total investments, according to its website.
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In November, it announced that CapitaLand Investment, also based in Singapore, will acquire an initial stake of 40 per cent in the firm for S$280 million, with the option to buy the remaining 60 per cent in phases over the next five years.
Global Switch said in 2022 that its shareholders were exploring a potential sale.
It held talks with Swedish private equity group EQT in 2023, Reuters reported at the time, but a deal never materialised. Final bidders had valued it at around US$8 billion including debt, Reuters reported.
Asset manager HMC Capital in 2024 went on to buy Global Switch’s Australian business for A$1.94 billion (S$1.6 billion). The deal came four years after the Australian government banned government agencies from using Global Switch Australia due to data security concerns.
Global Switch in October hired UBS to raise capital for its UK business, according to a company statement in December.
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