e& sells Khazna stake for USD 2.2 bn: Telecom company e&’s board approved the sale of its stake in Khazna Data Centers for USD 2.2 bn in a binding agreement with state AI firm and Khazna majority shareholder G42, it said in a statement (pdf). The proceeds, estimated at USD 1.4 bn before tax, will reduce e&’s debt and strengthen its credit profile.

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

Who’s in? 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. The transaction is set to close before the end of March.

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.

Separately, e&’s board approved plans to distribute AED 3.6 bn in dividends for 2024, according to a disclosure (pdf).

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