Emirates Telecommunications Group Company (e&), formerly known as Etisalat, has announced its acquisition of Turkey-based cloud services provider GlassHouse through its wholly owned subsidiary e& enterprise. The transaction, valued at $60 million on a cash-free, debt-free basis, involves purchasing a 100% stake from Mediterra Capital and an individual selling shareholder. By acquiring GlassHouse, e& aims to bolster its digital capabilities and expand its operations into the Turkish IT services and cloud market while also leveraging GlassHouse’s SAP expertise in the UAE and Saudi Arabia. GlassHouse has demonstrated significant performance with double-digit revenue growth and EBITDA, mostly generating revenue in US dollars. The enterprise caters to around 2,000 organizations across multiple sectors, including banking, technology, telecommunications, and aerospace. This strategic acquisition aligns with e&’s ambition to scale its enterprise unit and broaden its global footprint. The acquisition will be financed through debt with no related parties involved, and GlassHouse’s financial performance will be consolidated into e&’s accounts post-transaction.

Telecommunications, Cloud Services, Investment,United Arab Emirates, Turkey, Saudi Arabia, Qatar, South Africa

https://www.zawya.com/en/markets/equities/uae-telecom-e-and-unit-acquires-turkeys-glasshouse-for-60mln-xs36ak08