e& finalizes its exit from data centers firm Khazna

e& successfully exists Khazna: Telecom company e& completed the divestment of its stake in Khazna DataCenters for USD 2.2 bn, it said in a statement (pdf). The USD 1.4 bn in proceeds will be used for debt reduction, and will be reflected in 1Q financials.

Background: We reported last month that e& is selling its 40% stake, while Abu Dhabi’s AI fund MGX and private equity firm Silver Lake are buying minority stakes in the company, alongside majority shareholder G42.

Not completely out: The telecoms giant will continue to be a “strategic partner” and a major tenant of Khazna’s services, the statement said.

Khazna is on an expansion push: Khazna is among a group of companies that have recentlycommitted to a 2 GW data center push in Italy. The company, alongside Beeah Group, is also setting up the largest Tier III data center at the Sharjah Freezone for Communication Technologies in Kalba, and is developing the UAE’s largest data center in Ajman with a capacity of 100 MW.