Global Switch is still in talks with EQT about a potential acquisition.

Data center operator Global Switch, which is majority owned by Chinese steelmaker Jiangsu Shagang Group, has been actively looking for a buyer for almost a year.

Reuters reports the two parties are still in negotiations about a sale, after previous talks broke down over a gap between company valuation.

Global Switch had expected a sale to value it at around $10 billion but final bidders had valued the company at around $8 billion including debt, according to the publication.

Despite the gap, EQT still remains interested in exploring a deal. There is, however, no certainty the two sides will reach an agreement, according to unnamed sources.

The companies declined to comment to Reuters.

Founded in 1998, London-based Global Switch operates 13 facilities across Europe, Australia, and Asia, with another in development in London, UK. Chinese steel giant Jiangsu Shagang Group took control of the data center company over a three-year period beginning in 2016.

The company has been flirting with a sale for nearly two years, talking to potential acquirers back in January 2021 for a $10-11 billion sale.

With more than a dozen firms linked as potential buyers, including investment firms EQT, KKR, and PAG which were reportedly shortlisted for the latest round of bidding last year. However, talks were reported to have ‘almost ground to a halt’ in January over the gap in valuations.

Gaw Capital Partners, Stonepeak, Blackstone, Brookfield Asset Management, DigitalBridge Group, Digital Realty, Equinix, Australian pension fund AustralianSuper, and NextDC & Macquarie Capital were all previously linked as potentially interested in acquiring at least part of the company.

EQT currently owns data center operator EdgeConneX through its infrastructure funds.