The $10 billion figure was a reported potential valuation for a possible Global Switch transaction in 2022—not a confirmed asking price or sale price. Global Switch later said it had completed a sale of its Australian subsidiary and begun exploring co-investment in its London portfolio. The public announcements reviewed through 2026 do not establish the outcome of that London process.
What did the $10 billion headline mean?
A Bloomberg News report published by Data Center Knowledge on May 18, 2022 said Global Switch’s owners could launch a formal sale process. Citing people familiar with the matter, it reported that a transaction might value the company at £8 billion ($10 billion) or more. That was a possible valuation, not a confirmed asking price, bid, agreed price, or completed transaction. The report also said deliberations were ongoing and there was no certainty the owners would sell or a bidder would make an offer. Data Center Knowledge’s report framed the process as a possibility, not an outcome.
Global Switch is a privately held data-center owner and operator. The 2022 report identified Jiangsu Shagang Group as controlling the company and Avic Trust as backing it. In June 2022, Global Switch confirmed that shareholders were exploring a potential divestment, but expressly stated: “There is no certainty that any transaction will proceed.” The company named J.P. Morgan, Morgan Stanley, UBS, and CITIC Securities as joint financial advisers. Its June 2022 announcement confirms the exploration while preserving that uncertainty.
What happened after the 2022 sale report?
The next clearly stated developments in the company’s public announcements distinguish an Australian divestment from a separate London investment process:
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| Date | Development | What it establishes |
|---|---|---|
| May 2022 | Bloomberg reported a possible formal sale process and a potential valuation of £8 billion ($10 billion) or more. | A reported possibility, not a completed or agreed sale. |
| June 2022 | Global Switch said shareholders were exploring a potential divestment and named four joint financial advisers. | Company-confirmed exploration, with no certainty a transaction would proceed. |
| December 2024 | Global Switch announced completion of the sale of Global Switch Australia Holdings Ltd for A$2.12 billion. It also said a formal process to explore co-investment in the UK had commenced, with UBS advising. | A completed sale of the Australian subsidiary and a separate London co-investment process—not confirmation that the whole company or London portfolio was sold. |
The December 2024 announcement described the London portfolio as two operating data centers and a new, high-density hyperscale neo-cloud development in Docklands. Global Switch said it had secured access to 224 MVA of power over the coming five years; that is a forward-looking access figure, not confirmation that the power had already been delivered. The company also reported that more than 10,000 Nvidia H200 and H100 GPUs were deployed on its London campus at the time of the announcement. These are company-reported figures dated December 2024, not independent transaction terms. Global Switch’s announcement describes the Australian sale and London process as distinct actions.
Did Global Switch sell its London data centers?
The official announcement index reviewed through 2026 does not list an outcome for the London co-investment process. The public materials reviewed therefore do not establish that the London portfolio—or Global Switch as a whole—has since been sold, nor do they disclose final co-investment terms. An absent outcome in that index is not proof that no private development or later disclosure exists. The accurate public-status description is unresolved. Global Switch’s announcement index includes entries through April 2026 but does not provide a result for the London process.
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Why the historical figures do not settle the sale valuation
Global Switch Holdings Limited’s 2021 annual report recorded revenue of £419.6 million, EBITDA of £251.4 million, and investment property valued at £6,206.4 million (about £6.2 billion) for the year ended December 31, 2021. These are historical group results and an asset valuation, not a current sale price. A property valuation and a possible transaction value are different measures, so the report’s £6.2 billion figure cannot confirm or disprove the £8 billion-or-more potential transaction value reported in 2022. The 2021 annual report supplies the historical figures.
Companies House lists Global Switch Limited as active, with accounts last made up to December 31, 2025 and a confirmation statement dated May 4, 2026. That register entry concerns a legal entity; it does not establish the ownership or transaction status of the holding company or London portfolio. The Companies House record should not be read as a sale announcement.
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