{"id":656861,"date":"2024-12-11T00:00:00","date_gmt":"2024-12-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/africa50-eyes-42-9-stake-in-raya-data-center-with-usd-15-mn-investment-to-fund-new-data-center\/"},"modified":"2024-12-11T00:00:00","modified_gmt":"2024-12-11T00:00:00","slug":"africa50-eyes-42-9-stake-in-raya-data-center-with-usd-15-mn-investment-to-fund-new-data-center","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/africa50-eyes-42-9-stake-in-raya-data-center-with-usd-15-mn-investment-to-fund-new-data-center\/","title":{"rendered":"Africa50 eyes 42.9% stake in Raya Data Center with USD 15 mn investment to fund new data center"},"content":{"rendered":"

Africa50 has another Egypt acquisition in its sights: <\/strong>Raya Holding\u2019s board of directors has voted to preliminary approve an offer from African infrastructure investment platform Africa50 to acquire a 42.9% stake in Raya IT subsidiary Raya Data Center for USD 15 mn, according to an EGX statement (pdf)<\/a>. <\/p>\n

Where will the money go?<\/strong> The investment will be used to finance the establishment of a new Tier III data center in Egypt, with construction set to begin in early 2025, Raya Holding CEO Ahmed Khalil told EnterpriseAM. The new center will \u201caddress the pressing need for reliable, scalable, and certified digital infrastructure in Egypt and Africa,\u201d Khalil noted in a company press release (pdf)<\/a>.<\/p>\n

Raya IT and others will also be putting their money where their mouth is for the USD 35 <\/strong>mn project: <\/strong>Wholly owned Raya Holding subsidiary Raya IT will be contributing an additional USD 10 mn for the data center. The company also plans to raise an additional USD 10 mn through undisclosed financing institutions, bringing the combined total investments to USD 35 mn, Khail told us.<\/p>\n

Africa50? <\/strong>Africa50<\/a> is an infrastructure investment platform<\/a> established by African governments and the African Development Bank that targets projects in the power, transport, IT, midstream gas sectors, and has recently broadened its remit to include fintech, health, and education-focused projects. The platform has already invested in Scatec\u2019s 400-MW solar plant at the giant 1.5-GW Benban project. <\/p>\n

Up next:<\/strong> The board has authorized the appointment of an independent financial advisor to assess Raya Data Center\u2019s fair value. The board also greenlit efforts to study the offer, negotiate terms, and to start putting together final contracts. <\/p>\n

Some Saudi IT acquisitions could be in the pipeline, too:<\/strong> Raya Holding is also planning to acquire two companies in Saudi Arabia operating in the IT and data center sectors by 3Q 2025 as part of its larger plan to grow its business in the Kingdom<\/a>, Khalil said in comments to EnterpriseAM. Raya\u2019s IT arm Raya IT has a three pronged approach to KSA, with the company focussing on expanding data centers and its cloud and digital solutions to banks, expanding its outsourcing operations, and expanding in the fintech sector by obtaining a license from the Saudi Central Bank to practice consumer finance through its fintech arm Aman Holding. Aman Holding is also set for a further EGP 1 bn in investment next year, as part of a wider EGP 2 bn investment plan for the year, the company\u2019s CFO Hossam Hussein told Al Borsa<\/a>.. <\/p>\n

There are also some expansion plans closer to home in the works: <\/strong>Raya\u2019s manufacturing subsidiary Raya Electric will open a production line for products from De\u2019 Longhi Group \u2014 owner of household name brands Kenwood and Braun, among others \u2014 next year, Khalil told us. Also in the pipeline is an agreement<\/a> with Korean home appliance giant LG to locally manufacture 100k LG-branded residential air conditioners annually after three years with over 60% locally sourced components. The group also plans to apply for a digital bank license for its Aman arm by year-end from the Central Bank of Egypt, Khalil told Asharq Business<\/a>. <\/p>\n

But any upcoming <\/strong>IPOs<\/strong> from Raya are on hold \u2014 for now at least<\/strong>:<\/strong> \u201cWe have no plans to list any of our subsidiaries on the EGX under the current circumstances, and the matter is constantly under discussion to determine the appropriate time,\u201d Khalil said at the event. Khalil\u2019s comments reiterated the company\u2019s position that it will wait for more favourable market conditions before offering up Raya IT, Raya for Trade and Distribution, and Aman Holding that have been earmarked for offerings for some time now.<\/p>\n

Africa50 also plans to ramp up its digital infrastructure investments in Egyp<\/strong>t<\/strong>, with over seven deals in the pipeline over the next two years, says Managing Director Raza Hasnani to Asharq Business<\/a>, with investment tickets ranging from USD 20-40 mn. <\/p>\n

A<\/strong>dvisors: <\/strong>CI Capital acted as Raya Holding\u2019s financial advisor, while Helmy, Hamza & Partners \u2014 Baker McKenzie\u2019s Cairo office \u2014 acted as the company\u2019s counsel. Herbert Smith Freehills LLP served as financial advisor for Africa50, while Matouk Bassiouny & Hennawy offered legal counsel on the agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"

The data center will in total cost USD 35 mn<\/p>\n","protected":false},"author":1,"featured_media":656862,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[8941,7412,72,7128,614,7142],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-656861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-africa50","tag-data-centers","tag-enterpriseam","tag-ma-watch","tag-raya-holding","tag-raya-it","wpautop","entry"],"acf":{"mongo_id":"eca232cb-a698-4d6c-95c1-809d40f614e7","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/628.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Africa50 eyes 42.9% stake in Raya Data Center with USD 15 mn investment to fund new data center","related_issue":[656853],"teaser":"The data center will in total cost USD 35 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.7c35849d-dae1-4fa9-9610-60989e25b027.mp3"},"yoast_head":"\nAfrica50 eyes 42.9% stake in Raya Data Center with USD 15 mn investment to fund new data center - 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Khalil is also quoted as saying he would pull back from IPOs of other subsidiaries in the future. (The newspaper also quotes Khalil\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/194.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599528,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/02\/khalil-bids-to-take-raya-private-following-egypts-fra-decision\/","url_meta":{"origin":656861,"position":2},"title":"Khalil bids to take Raya private following Egypt\u2019s FRA decision","author":"enterpriseam admin","date":"2 January 2019","format":false,"excerpt":"M&A WATCH- Khalil launches bid to take Raya private: Raya Holding founder Medhat Khalil has submitted a mandatory tender offer for 36.7% of Raya, the Financial Regulatory Authority said in a statement to the EGX (pdf). 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