The enterprise wing of the UAE’s leading tech-telco group, e&, has officially acquired a 100% stake in Turkey’s GlassHouse Bilgi Sistemleri Ticaret Anonim Şirketi, a nationally acclaimed cloud and SAP infrastructure service provider. e& purchased Glasshouse for a total sum of $60 million on a ‘cash-free, debt-free basis’. e& informed the media the acquisition will be funded by debt, which will be incorporated into e&’s financials by 1st September, 2024.
A statement released by e& informed that “the acquisition will set the tone for more synergetic opportunities across e&’s operating markets, including the UAE, Saudi Arabia, and Türkey. The e& enterprise vertical intends to leverage on its expanded geographical footprint and client base to complement its portfolio of services, bolster its SAP capabilities, and deepen its vertical expertise.”
GlassHouse is a renowned Turkish cloud and SAP infrastructure service provider with a diversified portfolio catering to banking, technology, and Turkey’s defense sector. Market data confirms that GlassHouse caters to more than 2000 companies in Turkey. The e& buyout succeeds the 25th June announcement on the signing of a binding agreement that outlined the selling parties in GlassHouse, including Mediterra Capital and an individual shareholder.
