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Jiangsu Shagang increases stake in Global Switch to 49% with £1.8B investment

Chinese steelmaker Jiangsu Shagang Group Co. Ltd. became the largest shareholder in U.K.-based data center operator Global Switch Holdings Ltd. with a 49% stake after acquiring an additional 24% interest for £1.8 billion, Reuters reported Aug. 27.

The additional stake was acquired from Reuben Brothers unit Aldersgate Investments Ltd. As a result, Simon Reuben and Alexander Bushaev will now leave the Global Switch board.

However, Jiangsu Shagang confirmed that there will be no major strategic, management, financial or operational changes at Global Switch as a result of this move.

Jiangsu Shagang representatives He Chunsheng, Nie Wei and Shen Qian will be appointed to the Global Switch board as nonexecutive directors, while the latter's CEO and CFO will remain as executive directors of the company.

Global Switch CEO John Corcoran reinstated plans, revealed earlier this year, of moving toward an initial public offering of up to US$1 billion in Hong Kong.

The company operates 12 data centers across Europe and Asia, including in Hong Kong and Singapore.