David and Simon Reuben,
via their company Aldersgate Investments, have sold their final stake in Global
Switch – a major owner, operator and developer of large scale, carrier and
cloud neutral multi-customer data centres across Europe
and Asia Pacific.
The buyers, China’s
Jiangsu Shagang Group, paid £1.8bn ($2.2bn) for their final 24% holding. Shagang
Group now has a 49.9% share of Global Switch putting the business entirely
under Chinese ownership. The process of selling the business began in 2016 when
the Reubens sold a 49% stake, followed by two further stakes in 2018, to
The Reuben Brothers bought
Global Switch as a loss-making business in 2007 and have turned the business
around since. Global Switch now has 12 data centres in Europe
and Asia Pacific with four more under construction and plans to double the
total power capacity of its facilities.
The report says that the
total sale value of the business has been £6.3bn (around $7.7bn). It will be
interesting to see what if any plans David and Simon Reuben have for
reinvesting this money going forward.