e& enterprise expands into Turkey with deal support from FTI

27 June 2024 Consultancy-me.com 2 min. read

In its next international expansion move, e& enterprise has acquired Turkey-based managed cloud services provider GlassHouse.

Following market entries into Saudi Arabia in 2019 and Egypt in 2023, e& enterprise (the digital transformation arm of telecom giant e&) has now entered the Turkish market with support of FTI Capital Advisors, which provided counsel to e& enterprise on its binding agreement with the shareholders of GlassHouse.

Founded in 2004, GlassHouse is a provider of IT implementation, managed cloud, data backup, business continuity, and system infrastructure services.

e& enterprise expands into Turkey with deal support from FTI

The Istanbul-based company has over 150 employees and offices in Turkey, South Africa, and Qatar. GlassHouse works for over 2,000 enterprises and is recognized as a trusted partner for technology vendors such as Dell and SAP.

“This acquisition underscores our commitment to entering high-growth markets and advancing our cloud innovations and services as we aim to become a MENA leader in end-to-end digital solutions,” said Salvador Anglada, CEO of e& enterprise. “Turkey’s dynamic market offers tremendous potential.”

Meanwhile, the deal will also see e& enterprise brings the expertise of GlassHouse into its other markets, including the UAE and Saudi Arabia. Anglada: “Integrating GlassHouse into our portfolio will significantly enhance our capabilities.”

In a statement, e& enterprise said it has acquired 100% of GlassHouse for an enterprise value of $60 million on a cash free, debt free basis.

FTI Capital Advisors, a subsidiary of FTI Capital Advisors, served as the financial advisor to e& enterprise. Fede Membrillera, Global Co-Leader of FTI Capital Advisors, commented, “We are pleased to contribute to e& enterprise’s journey toward becoming a regional leader in end-to-end digital transformation, with Turkey as a key new market. The acquisition aligns with e& enterprise’s strategy of strengthening its capabilities, adding vertical expertise, and expanding into high-growth markets.”

Last year, FTI Capital Advisors also helped e& snap up SME lending platform Beehive and crowdfunding and UAE online marketplace ServiceMarket.

Formerly known as Etisalat, e& is one of the largest telecom groups in the GCC. The company was recently even named as one of the globe’s top 20 value creators in the telecoms industry.