Global Switch aims for HK IPO at £9B valuation
Just over two years after being acquired by a consortium of Chinese investors, UK data centre developer Global Switch is preparing for a stock market listing in Hong Kong later this year that could value it at more than £9 billion ($11.52 billion).
The Britain-based high tech facility developer is said to be hiring investment banks in the coming weeks to help list the company after years of speculation that it could go public.
A mainland consortium led by entrepreneur Li Qiang and backed by Jiangsu Sha Steel Group and Ping An Capital had paid £2.4 billion to purchase a controlling 49 percent stake in Global Switch from British developers David and Simon Reuben. In 2018, investors including AVIC Trust and Hong Kong affiliates of China Citic Bank and Haoyue Capital put in another £2.1 billion to acquire a further 24.99 percent of the company.
IPO Slated for 2019
The listing for Global Switch is planned to take place this year, according to the UK press account, with a company shareholder cited by Sky News suggesting that a £8.4 billion valuation discussed last year was likely to be surpassed in an eventual flotation,
Global Switch had previously indicated its intent to achieve a public listing on a “leading” international stock exchange in Europe, Asia or North America in 2019.
The listing would give Global Switch’s investors a chance to quickly monetise the 340,000 square metres (3,600,000 square feet) of data center space that the company currently operates across Europe and Asia Pacific.
Establishing a Hong Kong Presence
When the mainland takeover of Global Switch was announced in December 2016, Li Qiang’s data centre service provider Beijing Daily-Tech, together with China Telecom Global (the international arm of China Telecom), had already agreed to occupy two of five buildings in a joint venture data centre that the companies were developing northern Hong Kong’s Tseung Kwan O.
Mainland Investors Take Hold of Global Data Warehouses
In addition to having facilities in Hong Kong, the listing in the Asian financial hub also reflects the Chinese characteristics of Global Switch’s shareholder register, and its mission to provide a tech backbone for mainland companies expanding globally.
At the time of Daily-Tech’s buyout in 2016, the company’s executive chairman and chief executive John Corcoran said that Global Switch aims “to become the data centre provider of choice for new customers from across the globe, especially Chinese companies growing in Asia and Europe, and Western companies growing in China.
Last July, a consortium of Chinese investors including AVIC Trust and Hong Kong affiliates of China Citic Bank, Haoyue Capital and Jiangsu Sha Steel paid £2.1 billion ($2.78 billion) to acquire a 24.99 percent stake in Global Switch, taking the mainland-based interests to a total of 75 percent.
While some analysts have raised security concerns about having a mainland firm hold the keys to corporate data, in a recent statement Global Switch’s management defended the company’s neutrality.
“(Global Switch) releases space to its customers who fit out their own secure cages with their own servers – these cannot be accessed by Global Switch nor its investors,” the company pointed out.
Global Switch is also part-owned by Aldersgate Investments, a vehicle set up by the billionaire British developer brothers David and Simon Reuben, who have long backed Global Switch, which was founded in 1998.
Aiming at a $12B Data Centre Market
Focusing on the European and Asian markets, Global Switch builds and operates high quality, technical real estate with the right power, cooling and physical security required by IT service providers, the company said in its statement.
The Asia Pacific data center construction market is estimated to generate revenue of around $12 billion by 2023, growing at a compound annual growth rate of over nine percent during 2017-2023, thanks to increasing demand for cloud-based services, according to the market research platform, Research and Market.
Investments in millions of dollars towards facilities construction and expansion projects to accommodate the demand for services is promoting the development of the market especially in China and India, it said.
Industry: Data Centre News
- Head of CSOC (Cyber Security Operations Centre), London. Greenfield opportunity
CH7928 Identifier Project Head of CSOC (Cyber Security Operations Centre), London. Greenfield UNIQUE opportunity to establish, manage and grow a world class CSOC. Headquartered in the UK, the CSOC will grow and deliver cyber services into an international and underdeveloped market. As a greenfield site the Head of CSOC will be the first person on the ground to build a capability and team around them. The role will include, but not be limited to; Setting up and establishing a CSOC monitoring service using IBM QRadar and Palo Alto CORTEX XSOAR. Develop roadmap for future CSOC capabilities. Establish, develop processes, playbooks and use cases. Recruit, Build and train a specialist team. Build relationships with key clients- onboard and scale. The successful candidate must have experience working within / leading a technical Cyber Security monitoring capability. Technical experience working with IBM QRadar and Palo Alto CORTEX XSOAR will be highly beneficial, although other SIEM / Security Orchestration, Automation and Response tools are welcome as the skillset is transferable. This brings significant opportunity and welcomes creativity / best practice. Frequent travel to London office will be required. Chris.email@example.com 07884666351
- Aruba Data Centre Network Engineer
- Upto £500 a day
**Outside of IR35 contract** Aruba Data Centre Network engineer is required to start ASAP. You will be responsible for Data Center and Campus Network - Design and implementation of Aruba CX Switches, We are looking for an experienced data centre engineer who is happy to work remotely and autonomously Experience you will need to have, Solid Networking experience with good knowledge of -Routing & Switching - MP-BGP EVPN VXLAN, MPLS/VPLS, EIGRP, BGP, OSPF and Multicast, Experience with Aruba switches ideally the CX range Ideally SC cleared or able to become SC Cleared. This will be a 3 month rolling contract
- Network Engineer-
- 65000 plus bonus
An exciting opportunity has arisen with a global financal business that are looking for an experienced Network engineer with strong Firewall experience in particular Checkpoint You will be responsible for help to support and manage the network infrastructure both LAN/ WAN And VPNs and will have a focus on network secuirty (Checkpoint firewall and Security controls) This is a multi-Site environment with few thousand end users, As the business is growing so is the network so great opportunity to join an expanding business that will help cross-train you in both cloud and onsite solutions. They are looking for a strong network engineer with a mix of expereience o Experience with Azure networking managing VNETs, ExpressRoute, VPNs and other Azure network features such as NSG/MS loadbalancer is required. Working with Check Point firewalls in Azure is desirable. o In-Depth understanding of networking fundamentals including: Network topology, Data Centre Infrastructure systems, Layer 2/Layer 3 Switching, VLANs, Routing, VPNs, High availability protocols. o Demonstrable hands-on experience with Meraki Switches and wireless infrastructure, Arista software, Forcepoint Proxy (would be a strongly desirable), Citrix Netscaler, and Forescout CounterACT Location can be flexible, they are looking for someone who would be happy to do a hybrid working model 3 days at home 2 days in the office.
- Technical Cyber Trainer, United Kingdom
Technical Cyber Trainer, United Kingdom Cyber trainer needed to build a new cyber training capability to develop a team of international security analysts. Technical Cyber training experience is a MUST. Any experience delivering technical Blue team based training is highly desired. This is a UK based role. Able to travel to London on occasion- when required. Agile, flexible working. A technical background is highly desirable and prefered. The role Aid in the setup, fine tuning and on-going customisation of Technical Cyber Security’s training platform. CyberBit experience desirable. Design, develop and deliver the internal syllabus to train employees with low cybersecurity knowledge to become analysts. Manage, monitor, support and assess learners. Fine tuning training and bespoke development. Manage, monitor and assess SOC analysts. Support employees through their career. The ability to deliver remote training is essential. This is a UK based role. Able to travel to London on occasion- when required. Agile working. Apply today to find out more information. Chris.Holt@dclsearch.com +447884666351