Dubai: e& enterprise, the enterprise arm of UAE’s tech-telco group e&, has finalized the acquisition of Turkey’s GlassHouse Bilgi Sistemleri Ticaret Anonim Şirketi, a leader in data backup and business continuity solutions, for an enterprise value of $60 million on a cash-free, debt-free basis.
This acquisition follows the June 25 announcement of a binding agreement with the selling parties, including Mediterra Capital and an individual shareholder. GlassHouse, a market leader in Turkey, also offers managed cloud and SAP infrastructure services, catering to sectors such as banking, technology, telecommunications, public services, aerospace, and defense. The company serves 2,000 enterprises and generates over 80 percent of its revenue in US dollars.
e& enterprise will finance the acquisition through debt, with GlassHouse’s financials being consolidated into e&’s from September 1. Despite the addition, the impact on e&’s overall financials is expected to be insignificant.
“The acquisition will pave the way for more synergetic opportunities across e&’s operating markets, including the UAE, Saudi Arabia, and Turkey,” stated e&. The company plans to leverage its expanded geographical footprint and client base to enhance its service portfolio, bolster its SAP capabilities, and deepen its vertical expertise.
