17 June 2007 – Sunday Times
The Reuben brothers, the billionaire property investors, have struck a near-£90m deal to buy out Morley Fund Management’s 25% stake in the European business of data-centre company Global Switch.
The transaction will put the Reubens in complete control of Global Switch worldwide. The brothers already own a 75% stake in the European assets, which include two data centres in London, and operations in Amsterdam, Madrid, Paris and Frankfurt. They separately owned Global Switch data centres in Australia and Singapore.
The European assets will now be brought together with the Australian-Asian business to create a single, world-leading data-centre business.
The brothers have ambitious plans to grow the Global Switch business, spending more than £170m on upgrading and expanding its facilities.
It is thought they believe the company will be valued at more than £1.2 billion following the investment programme.
It would be a remarkable turn-round for a business that suffered heavy losses after some of its principal tenants collapsed after the dotcom boom.
The company, which provides back-up computer services in a safe environment, was founded in 1998 by Andy Ruhan, a Midlands-based entrepreneur.