According to Bloomberg, PAG, KKR, and EQT have been selected as the final bidders for Global Switch. Per Bloomberg, the companies are mulling over the best financing structures to seek the acquisition of the London-based firm. However, the publication noted that the initial bids didn’t meet Global Switch’s owners' valuation. In addition, financing markets for leveraged buyouts being expensive remains a hurdle for any potential deal.
Global Switch was founded in 1998 and operates 13 data centers across Europe, Asia, and Australia. The company has been looking to sell off its portfolio for nearly two years. It also talked with suitors earlier in January 2021 for a $10-11 billion sale figure. Stonepeak and Gaw Capital Partners are no longer in the running for acquiring the business after being on the shortlist previously.
