Khazna Data Centers, a provider of hyperscale wholesale data centers in the Middle East and North Africa (MENA), has announced a change in its investors. It has signed a definitive agreement to welcome MGX and Silver Lake as minority investors, even as telecom major Etisalat (e&) exits.
Readers would recall that in October 2021, G42 and Etisalat Group had announced the signing of a binding agreement to merge their data center offering in the United Arab Emirates (UAE). A total of twelve data centers were to be combined in a joint venture business operating under Khazna Data Centers, creating the UAE’s largest data center provider. While G42 owned 60 percent, Etisalat owned the remainder.
Now, e& will sell its 40 percent stake in Khazna Data Centers for US$ 2.2 billion. Taking to LinkedIn, Khazna posted, “The transaction represents the next stage of our evolution, paving the way for future international growth and innovation. The new shareholder structure will bring deep expertise in AI, technology infrastructure, and strategic investment, ensuring that we continue to scale effectively and meet the growing demand for advanced digital solutions.”
Hasan AlNaqbi, CEO, Khazna Datacenters said, “With G42, and the additional support of these leading global and regional investors, we will be well-positioned to accelerate our expansion, deliver AI-ready infrastructure, and strengthen our role in enabling future economies to grow across the world.”
Khazna explained that as part of this transition, e& will exit from its Khazna investment while remaining a key business partner. “We thank e& for the critical role it has played in our success to date, and look forward to continued collaboration on delivering AI-grade connectivity and advanced digital infrastructure solutions,” it posted on LinkedIn.
UAE based MGX is an AI and advanced technology investor, while Silver Lake is a global technology investment firm. The transaction is expected to be completed by the end of the first quarter of 2025.
