Chinese steel maker picks additional 24pc stake in Global Switch

Data centre provider Global Switch Holdings said on Tuesday Jiangsu Shagang Group Co Ltd bought a further 24% stake in the company for 1.8 billion euros ($2.01 billion), making it the largest shareholder with a 49% stake.

Global Switch, which is moving towards an IPO, said the Chinese steel maker confirmed there will be no changes to the company's strategic direction, management or financial and operational policies of Global Switch.