A group of Chinese investors has acquired 49% of the British company Global Switch for 2.4 billion GBP ($2.88 billion).
China Tech News reports that the group of investors are a consortium known as Elegant Jubilee. Established in 1998, Global switch is a data center firm owned by the Reuben Brothers.
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Global Switch stated that the current shareholder, Aldersgate Investments Limited (a Reuben Brothers company) will now jointly control the company together with the consortium’s investment vehicle.
Elegant Jubilee’s President Li Qiang stated, “We believe that bringing together the high quality data centers and operational excellence of Global Switch with the rapidly growing demand from Chinese customers creates a perfect match that will deliver future growth opportunities.”
The lead investor is Jiangsu Sha Steel Group, the largest private steel maker in China and a member of the Fortune Global 500 list of the world’s biggest companies.
Other leading investors include AVIC Trust, a joint venture owned by AVIC Capital and OCBC of Singapore, and major Asian institutional investors such as Essence Financial and Ping An Group.
Global Switch said that the infusion of capital will aid in its expansion as it works to help Chinese companies move into the Western World. But some in Britain are concerned about expanding Chinese financial control in their country, especially on the heels of the Brexit.
The Reuben Brothers is a financial firm founded by brothers David and Simon Reuben. It deals in private equity, real estate investment, development and venture capital. Its investments include data centers, racecourses, pub companies, aerodromes, technology and media.
David Reuben and Simon Reuben were born in the 1940s and are both British billionaires. Forbes listed them as the 60th wealthiest people in the world for 2016.
