21 December 2016 (Beijing Time), advised by King & Wood Mallesons (KWM), a consortium comprised of leading Chinese companies and institutional investors completed its strategic cash investment of £2.4 billion in Global Switch Holdings Limited (“Global Switch” or “the Company”), the leading owner, operator and developer of large scale, carrier and cloud neutral data centres in Europe and Asia-Pacific.
The lead investors and sponsors of the consortium are AVIC Trust, a joint venture asset management company owned by AVIC Capital and OCBC of Singapore, and Jiangsu Sha Steel Group, the largest private steel maker in China and one of the Fortune Global 500 companies.
Global Switch is a leading owner, operator and developer of large-scale, carrier and cloud neutral, multi-tenanted data centres in Europe and Asia-Pacific.
The transaction involved a multiple Chinese investors’ acquisition of a company based in Europe and Asia Pacific, and therefore was required to comply with the legal and regulatory requirements of PRC, Australia, Hong Kong, Singapore and major European countries (including the UK, France, Germany, Spain and the Netherlands).
KWM participated in the entire process of the transaction, from preliminary communication, design of the shareholding structure, due diligence, drafting of documents, consortium financing, government approval to the closing. The KWM team in Europe and Asia Pacific worked together to provide comprehensive legal services for this acquisition.
The lead partners include Ma Tianning, Xu Ping, He Wei, Jonathan Grant from Beijing office, Mark Sanders and Laura Brunnen from London office, Malcolm Brennan from Canberra office and Pierre-Louis Périn from France office. The team was also supported by Fiona Wan, the senior foreign legal consultant from Shanghai office. KWM have won high praises from the client for its professionalism and sophisticated cross-border capability. With a large deal value and a complex structure that was altered for several times, the transaction proved to be exacting on legal services. Acting as exclusive legal counsel in the transaction, KWM successfully provided the client with outstanding deliverables that showcased KWM’s globally-integrated services.