Jincheng Tongda & Neal has advised Chinese steelmaker Jiangsu Shagang Group on its 1.8 billion-pound ($2.21 billion) agreement to buy a further 24 percent stake in UK-based data centre provider Global Switch Holdings.

As a part of the deal, Ashurst advised Shagang of an 800-million-pound syndicated-term loan, with Allen & Overy advising the financers. 

Founded in 1998, Global Switch operates 12 data centres across Europe and Asia, including in Hong Kong and Singapore, according to Reuters. It added that Shagang had previously acquired 25 percent of the company through two deals in 2016 and 2018.

Reuters further noted that Global Switch is moving towards an IPO in Hong Kong that could see it raise $1 billion.

The JT&N team was led by senior partners Shi Ketong and Zheng Xiaodong, with assistance from senior partner Lu Jiangxia and partner Zheng Yuan. The Ashurst team was led by partner Daniel Lau.

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