Dubai: The enterprise arm of UAE's tech-telco group e& has completed the buyout of Turkey's GlassHouse Bilgi Sistemleri Ticaret Anonim Şirketi, which is into data back up and business continuity solutions.
e& enterprise UAE Holding bought the 100 per cent in GlassHouse for an enterprise value of $60 million on a 'cash-free, debt-free basis'.
This follows the June 25 announcement on the signing of a binding agreement with the selling parties in GlassHouse, including Mediterra Capital and an individual shareholder.
GlassHouse, which has a market leader status in Turkey, also provides managed cloud and SAP Infrastructure services. It operates in the banking, technology, telecommunications, public services, aerospace, and defence sectors and serves 2,000 enterprises. The company generates more than 80 per cent of its revenue in US dollars.
e& enterprise will finance the deal through debt. The GlassHouse numbers will be consolidated into e&’s financials starting September 1. The 'impact on e&’s overall figures will be insignificant'.
"The acquisition will set the tone for more synergetic opportunities across e&’s operating markets, including the UAE, Saudi Arabia, and Türkey," said a statement. "The e& enterprise vertical intends to leverage on its expanded geographical footprint and client base to complement its portfolio of services and bolster its SAP capabilities and deepen its vertical expertise."
