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UAE telco sells $2.2bn Khazna Data Centre stake

28 February 2025

UAE telecommunications (telco) group e& has agreed to divest its 40% stake in Khazna Data Centre Holdings for $2.2bn, as part of a deal struck with artificial intelligence (AI) company G42, the data centre operator's main shareholder.

The deal will generate a capital gain of $1.4bn before federal royalty and corporate tax for e&, formerly known as Etisalat, which said that proceeds will be used to reduce its debt.

Khazna separately said that MGX and US-based SilverLake will become minority investors, in addition to majority shareholder G42.

MGX is an Abu Dhabi-based AI-focused fund, while SilverLake is a shareholder in G42.

The transaction is set to close by the end of Q1 2025.

While exiting its stake, e& will continue as a major tenant and strategic partner of Khazna Data Centres, the firm said.

Khazna Data Centres has grown significantly since 2020, when it had a capacity of just 40MW, following the 2021 merger of the data centre divisions of G42 and e&.

MEED previously reported that the company had exceeded its capacity target of 300MW by the end of 2023.

It is building a 100MW AI-enhanced data centre in the UAE's northern emirate of Ajman, which is expected to be completed by the end of 2025.

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