Oct 26, 2024 | Posted by Abdul-Rahman Oladimeji
Global Switch has agreed to sell its Australian assets to investment manager HMC Capital for AU$2.12 billion (US$1.41bn). This deal for Global Switch Australia Holdings (GSAH) will provide Global Switch with capital to grow other parts of its business, the company said on Thursday morning. The deal is expected to close later this year or early in 2025, subject to regulatory approval.
According to Global Switch, the money will “strengthen the company’s balance sheet and provide substantial further capital for Global Switch to capitalize on significant growth opportunities presenting themselves in other prime geographies through redevelopment, the integration of the latest cooling technologies, and the building of new data centers to meet burgeoning AI and high-performance computing (HPC) demand.”
According to Global Switch, the money will “strengthen the company’s balance sheet and provide substantial further capital for Global Switch to capitalize on significant growth opportunities presenting themselves in other prime geographies through redevelopment, the integration of the latest cooling technologies, and the building of new data centers to meet burgeoning AI and high-performance computing (HPC) demand.”
Ashley Muldoon, CEO of Global Switch, said: “The proceeds from the sale of our historic economic interests in GSAH will enable us to accelerate our ambitions to meet the demand for data center capacity in our critical hubs around the world, and to continue to ensure that our customers’ needs are met as demand increases for AI and HPC deployments.”
