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Etisalat / e&

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Latest Etisalat / e& DevelopmentsAI Insights

Etisalat, rebranded as e&, has expanded its global telecom footprint by acquiring the Turkish cloud services provider, GlassHouse, via its subsidiary, e& enterprise1. A binding agreement was signed with Mediterra Capital to acquire GlassHouse for $60 million. This marks e&'s first foray into the Turkish cloud market, following expansions in Saudi Arabia and Egypt1. The purchase excludes any of GlassHouse’s debt and excess cash1. Financials from GlassHouse will consolidate into e& upon deal completion1.

e& also finalised its acquisition of a 50 percent plus one share in PPF Group’s telecom business in Hungary, Bulgaria, Serbia, and Slovakia, valued at €2.15 billion with a potential earn-out3. The European Commission approved the acquisition in September 2024, conditional on commitments by e&, including independence from Emirates Investment Authority financing4. Hatem Dowidar, e& Group CEO, spoke of extending operations to 38 countries2.

The company reported a third-quarter 2024 revenue increase of 10 percent year on year3. Net profit for the period stayed stable at AED3 billion, while the subscriber base rose to 177.3 million3. Despite challenges, such as an appeal loss in a Moroccan court involving its subsidiary Maroc Telecom, e& stated that the impact was covered by its international regulatory risk management5.

Etisalat / e& Overview

Founded in 1976, global telecommunications company Etisalat has been known as e& since its rebrand in 2022. It operates in 38 countries around the world, serving 175 million customers.

Based in Abu Dhabi, Etisalat / e& offers mobile communications and internet services, as well as cloud gaming services with Gamestream. 

It also operates iZone, a system of Wi-Fi hotspots in shopping malls and other locations.

Etisalat / e& was set up as a joint-stock company between Britain’s International Aeradio Limited and local partners. The ownership structure changed in 1983 when the UAE government held a 60% share. The remainder is publicly traded.

Etisalat / e& generates around 60 percent of its revenue from its domestic consumer telecom business, but also operates in 32 countries including Egypt, Pakistan and Morocco.

It has been diversifying further, both geographically and in its activities, over the past few years, acquiring stakes in streaming service Starzplay Arabia and lending platform Beehive and spending $400 million on a majority stake in Careem’s “super-app”. 

In 2023 Etisalat / e& bought a 14.6 percent stake in British telecom major Vodafone for an estimated $5.9 billion 

Etisalat / e& News

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Doubt surrounds e&’s earnings as UAE tax rise looms

There is uncertainty over whether e&, the UAE’s former telecom monopoly, will pay more of its profit in taxes after the federal government announced it would raise corporate tax for multinational companies operating in the country from 2025. Emirates Telecommunications Group, which rebranded as e& but is better known under its previous name Etisalat, is […]

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Talabat profits soar ahead of planned IPO

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UAE telco e& said its subscriber base showed an annual increase of 6 percent, reaching 177.3 million

Revenue at e& rises as subscriber base grows

The UAE telecommunications company e&, formerly known as Etisalat, said revenue rose 10 percent year on year in the third quarter of 2024 amid an increasing subscriber base. The top line for July to September reached AED14.4 billion ($3.9 billion), compared to AED13.4 billion a year ago. Net profit remained stable at AED3 billion in […]

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UAE telco e& purchases slice of PPF in eastern Europe

The UAE telecommunications company e&, formerly known as Etisalat, has completed its acquisition of 50 percent plus one share in the Czech PPF Group’s telecoms business in Bulgaria, Hungary, Serbia and Slovakia. The deal, which was approved by the European Commission in September, is valued at €2.15 billion ($2.3 billion), plus a potential earn-out of up […]

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The Abu Dhabi sovereign wealth fund ADQ has signed an agreement to acquire 96 percent of Lebanon-based Bank Audi’s Turkish subsidiary, Odeabank. The transaction is subject to regulatory approvals, including from Turkey’s banking regulation and supervision authority and the competition authority. As part of the deal, Bank Audi and other investors such as the International Finance […]

The European Commission has approved e&'s acquisition of PPF Telecom’s assets in Bulgaria, Hungary, Serbia and Slovakia

e&’s PPF deal gets European Commission nod

UAE telecommunications company e&, formerly known as Etisalat, said that the European Commission (EC) has approved the acquisition of Czech PPF Group’s telecoms business across four European countries. The extensive dialogue with the EC enabled the grant of foreign subsidies regulation (FSR) approval on an accelerated basis, three months ahead of the applicable legal deadline of […]