King & Spalding and KWM China advise on £2.4bn data centre sale
KWM China and King & Spalding leading on Chinese investment in data centre giant
December 22, 2016 at 05:15 AM
3 minute read
King & Spalding and King & Wood Mallesons' (KWM) Chinese arm have won roles on the £2.4bn sale of a stake in data giant Global Switch to a consortium of Chinese investors.
Global Switch is an operator and developer of data centres in Europe and Asia. Its data centres occupy a total floor space of around 300,000 square metres and its customers include financial institutions, government organisations and telecommunication companies.
The Chinese consortium comprises corporate and institutional investors and is being advised by KWM's Chinese arm.
The lead partners for KWM China include corporate partners Xu Ping, Ma Tianning, He Wei and Jonathan Grant in Beijing. They are being assisted by London corporate partners Mark Sanders and Laura Brunnen from KWM's Europe and Middle East (EUME) arm, and corporate partner Malcolm Brennan in Canberra from KWM Australia.
The consortium is paying £2.4bn for a 49% stake in Global Switch.
King & Spalding is advising Aldersgate Investments, the sole shareholder in Global Switch. Aldersgate Investments is an investment vehicle for the billionaire Reuben brothers, Simon and David, who also have widespread real estate holdings and interests in leisure, energy, shipping and aviation companies.
King & Spalding is fielding a London-based team on the deal, led by corporate partner William Charnley and also including corporate partner Hywel Jones, employment partner Jules Quinn, finance partner Elisabeth Baltay, tax partner Daniel Friel and real estate partner Nigel Heilpern.
Charnley and Baltay are also acting on the £1.35bn sale of leisure company Parkdean Resorts, which was announced earlier this week.
In that deal, private equity firm Onex is acquiring Parkdean from fellow private equity firm Electra Partners.
King & Spalding is advising private equity firm Polygon Recovery Fund, which had a subsidiary stake in Parkdean.
KWM China is currently in talks to take on large teams of lawyers from the KWM EUME arm, which it is affiliated to under a non-financially integrated verein.
The EUME part of the business is set to enter administration in January after months of turmoil, and in recent weeks has seen partners leave to a range of firms including DLA Piper, Greenberg Traurig, Reed Smith and Macfarlanes.
KWM China is looking at taking on the EUME arm's Dubai, Germany, Italy and Spain offices, as well as its City corporate and litigation teams.
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