To integrate Software Defined Networking (SDN) in the envisioned 5G system, a separation of the control and user data plane functions of the Evolved Packet Core (EPC) is required. This separation will impact mainly the functions available at the Serving GateWay (SGW) and Packet data GateWay (PGW) elements, and will result in two new entities; i.e. the S/PGW-C and S/PGW-U (PGW-C and PGW-U). The S/PGW-C integrates all the control plane functions (such as signaling and tunnel creation), while S/PGW-U contains only forwarding functions. The S/PGW-C will control the S/PGW-U in order to forward the UE traffic to the appropriate destinations by enforcing rules e.g., using the Openflow protocol. Usually, the S/PGW-C will run as a Virtual Network Function (VNF) running on a Virtual Machine or Container instantiated over a federated cloud. In this paper, we focus on the problem of the SGW-C placement, where a tradeoff is needed between reducing the SGW relocation frequency and balancing the traffic load among the underlying SGW-C VNFs. We formulate this problem using optimisation models, and a fair solution (i.e. Pareto optimal) is derived using Nash Bargaining game and the threat point.