Telecoms UAE telco e& buys Turkish tech company for $60m By Pramod Kumar August 30, 2024, 4:00 AM Alamy via Reuters The e& stand at the Mobile World Congress 2024 in Barcelona. The telco says it wants its tech division to generate 40% of revenue by 2030 A wholly owned subsidiary of Abu Dhabi-listed e& – more commonly known as Etisalat – has acquired GlassHouse, a Turkey-based cloud solutions provider, for $60 million. The UAE telco’s subsidiary, e& enterprise, had signed an agreement with Mediterra Capital and individual shareholders in June. GlassHouse is an Istanbul-headquartered IT infrastructure services provider which serves 2,000 enterprises and has offices in Turkey, Qatar and South Africa, generating more than 80 percent of its revenue in US dollars. NewsletterGet the Best of AGBI delivered straight to your inbox every week The acquisition will provide more opportunities across e&’s operating markets, including the UAE, Saudi Arabia, and Turkey, the company said in a statement. The transaction will be financed through debt. The financials of GlassHouse will be consolidated into e&’s financials starting September 1, 2024, though the impact on overall figures will be insignificant. Worst is over for Etisalat shares but don’t expect a rebound UAE broadband users pay dearly for lack of competition UAE’s e& revenue surges to $8bn in strong year for Gulf telcos The Emirati telco told analysts earlier this year that it wants its tech-related divisions to generate 40 percent of its revenue by 2030. This figure is currently at around 7 percent, said Neetika Gupta, head of research at Muscat’s Ubhar Capital.
