Africa50 completes 42.9% stake acquisition of Raya Data Center

That’s a wrap on Africa50’s Raya Data Center USD 15 mn acquisition: Raya Holding has completed the sale of a 42.9% stake in its subsidiary Raya Data Centers to African infrastructure investment platform Africa50 for USD 15 mn, Raya’s financial advisor CI Capital said in a statement (pdf) today. The news follows Raya Holding’s board of directors preliminary approving the offer earlier this week.

Remember: The USD 15 mn investment ticket will help jumpstart construction on a new Tier III USD 35 mn data center in Egypt, set to break ground in early 2025. The facility will tackle the growing demand for “reliable, scalable, and certified digital infrastructure in Egypt and Africa,” Raya Holding CEO Ahmed Khalil said in a statement (pdf) on Tuesday.

What they said: “This partnership with Africa50 will further strengthen Raya Data Centers’ position as a leading provider of innovative and reliable data solutions, supporting their vision for regional expansion and technological advancement,” CI Capital CEO Amr Helal said.

Advisors: CI Capital acted as Raya Holding’s financial advisor, while Helmy, Hamza & Partners — Baker McKenzie’s Cairo office — acted as the company’s legal counsel. Herbert Smith Freehills LLP served as financial advisor for Africa50, while Matouk Bassiouny & Hennawy offered legal counsel on the agreement.