China's data centre sale sports debatable premium [Reuters]
CyrusOne Inc (CONE)
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Source: Reuters
Private equity firms KKR (KKR.N) and Blackstone (BX.N) are among those interested in buying all or a bit of the London-based group, in a deal which could value it at over 8 billion pounds, Bloomberg reported . That's more than 32 times Global Switch's 2020 EBITDA of 238 million pounds. CyrusOne (CONE.O) and CoreSite Realty (COR.N) , which last week agreed to be sold to KKR and American Tower (AMT.N) respectively, fetched on average less than 28 times . Does it merit a premium? Infrastructure investors certainly like businesses that they can finance and scale up very cheaply. Still, 51% of Global Switch is held by Jiangsu Shagang (002075.SZ) , which owns Global Switch indirectly via a subsidiary. The Chinese state-backed group also part-owns a separate set of the company's shares via a separate vehicle. If anything, buyout suitors wary of holding minority stakes in such a setup might require a discount. (By Karen Kwok) Follow @Breakingviews on Twitter Capital Calls - More concise
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