Private equity firm EQT has entered into talks over a deal to acquire UK-based data centre operator Global Switch, which is controlled by Chinese steelmaker Jiangsu Shagang group, according to a report by Reuters, citing unnamed sources.
The sales process for Global Switch first for underway in mid-2022, but according to Reuters’ sources, a discrepancy over valuation between potential acquirers and the company’s shareholders have prevented progress being made.
Global Switch had expected a sale to value it at around $10 billion but final bidders, which included PAG and KKR as well as EQT, had valued the company at around $8 billion including debt, Reuters reported in December.
EQT remains interested in exploring a deal but there is no certainty the two sides will reach an agreement.
