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Good afternoon, friends, and welcome to the start of a new workweek. We hope you enjoyed the brief break — it seems the news cycle is trying its best to catch us up.
THE BIG STORY TODAY-
Helios to acquire majority stake in Telecom Egypt’s data center hub: Africa-focused and London-based PE outfit Helios Investment Partners has gotten the all-clear from Telecom Egypt’s board to acquire between 75% and 80% of a subsidiary that will own the telco’s Regional Data Hub (RDH), according to a press release (pdf). The vehicle, which will consolidate RDH’s assets through a restructuring, will focus on developing the domestic data centers scene.
About the bid: The binding offer values RDH at USD 230 mn for 100% of the equity, with the figure potentially rising to USD 260 mn depending on pre-agreed performance metrics. The move is still subject to regulatory approval and customary closing conditions.
IN CONTEXT- Helios has been building up to a bigger Egypt play since last year, when it bought 49% of Raya Foods for USD 40 mn. The PE firm flagged plans to channel as much as USD 250 mn into three more acquisitions across fintech, digital infrastructure, and consumer goods.
ADVISORS- Our friends at EFG Hermes are acting as sole M&A financial advisor to Telecom Egypt, with Adsero-Ragy Soliman & Partners and A&O Shearman providing legal counsel.
Net Foreign reserves continued their ascent to USD 49.25 bn by the end of August, marking a USD 215 mn increase from July, according to data released by the Central Bank of Egypt.
THE BIG STORY ABROAD-
It’s a busy day in the global press, with a hodgepodge of stories getting plenty of ink. Among the stories getting top billing:
Russia strikes down Ukrainian government building: In what is reportedly its largest aerial attack since the beginning of its attacks on Ukraine, Russia deployed some 800 drones into Kyiv, striking down the Ukrainian government’s main building. Of the 800 deployed, all but 54 drones and 9 missiles were intercepted, hitting targets across the country with damages recorded in north, south, and east Ukraine. At least three people were killed. “Such killings now, when real diplomacy could have started a long time ago, are a deliberate crime and a prolongation of the war,” Ukrainian President Volodymyr Zelensky said. (CNN | Reuters | BBC)
ALSO- If you’ve been having some internet troubles today, it’s not just you. Parts of Asia and the Middle East are experiencing internet disruptions after multiple international undersea cables were cut in the Red Sea. “A series of subsea cable outages in the Red Sea has degraded internet connectivity in multiple countries,” internet watchdog organization NetBlocks said on X. The cause remains unclear. (Associated Press | NBC)
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*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.
In today’s issue: We’re taking a deep dive into the latest Turkish investments in Egypt, what’s driving them, and how likely a dedicated Turkish industrial zone in the SCZone is.
☀️ TOMORROW’S WEATHER- We’re in for a relatively cool day in Cairo, with temperatures set to peak at just 33°C before cooling down to 22°C, according to our favorite weather app.
