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UAE’s e& sells Khazna stake for USD 2.2 bn: Telecom company e&’s board signed a binding agreement to divest its 40% stake in Khazna Data Centers for a value of USD 2.2 bn with Khazna’s majority shareholder AI company G42, according to a statement (pdf). The proceeds — estimated at USD 1.4 bn before tax — will reduce e&’s debt and strengthen its credit profile. The sale is expected to be finalized before 1H concludes.
Who’s in so far? Abu Dhabi’s AI fund MGX and private equity firm Silver Lake now own minority stakes in the company, alongside majority shareholder G42, the company confirmed in a LinkedIn post. No details were disclosed on the size of the two companies’ new stake.
Not completely out: The telecoms giant will continue to be a “strategic partner” and a major tenant of Khazna’s services, the statement said.
Background: In 2022 e& acquired the 40% equity stake in the data center designer and operator, which has ambitions to develop the UAE’s largest data center in Ajman with a 100 MW capacity.
IN OTHER REGIONAL M&A NEWS-
DHL eCommerce snapped up an undisclosed minority stake in Saudi parcel logistics player Ajex, according to a press release. The move comes in a bid to support DHL eCommerce’s “expansion into the rapidly growing Saudi Arabian e-commerce parcel market,” the statement said. DHL eCommerce has also locked in an option to upgrade its holdings in Ajex to a majority stake. No financial ticket or timeline for the transaction were disclosed.
Ajex’s recent regional moves: Ajex teamed up with UK-based aircraft charter and aviation support firm Chapman Freeborn to boost aviation and cargo services across Saudi Arabia earlier this year. The company clinched storage space in nearby Bahrain last year, as well as partnered with Turkish Airlines subsidiary logistics firm Widect to cooperate on e-commerce shipping and last-mile solutions.
About Ajex: Active since 2021, the outfit offers warehousing, cold chain logistics, and healthcare solutions, while also offering express distribution, e-commerce, and multi-modal freight services. Ajax operates in Saudi Arabia, UAE, Bahrain, US, UK, Turkey, South Africa, and China, with upwards of 50 facilities, 900 vehicles, and a 1.5k-person team.
