(Bloomberg) — Global Switch Holdings Ltd. is exploring the sale of a majority stake in its U.K. business, which could be valued at around £1.5 billion ($1.95 billion) in a deal, according to people with knowledge of the subject.

The data center operator is working with UBS Group AG on a possible stake sale that could bring new capital for business expansion, the sources said. They are mainly targeting financial investors for this operation, said the sources, who asked not to be identified because the information is confidential.

The attempt comes after Global Switch agreed to sell its Australian operations to HMC Capital for around A$1.9 billion ($1.3 billion) in October. The company will devote profits to growth opportunities in new and existing markets, one of the sources said.

Deliberations are in the early stages and the company may decide to hold on to the assets for longer, according to the sources. Representatives for Global Switch and UBS declined to comment.

Founded in 1998, Global Switch owns and operates data centers across Europe and Asia, including Amsterdam, Frankfurt, Hong Kong, Paris and Singapore. In London, the company operates two data centers located just half a mile from Canary Wharf, one of the city’s main financial districts. It is currently developing a third data center in London, which will span 27,000 square meters, according to its website.

Global Switch’s owners, which include Chinese steelmaker Jiangsu Shagang Group Co. and Avic Trust Co., bought control of the group from British billionaire brothers David and Simon Reuben in a series of deals beginning in 2016.

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