Arab Finance: The board of Telecom Egypt has granted its preliminary approval of the binding offer submitted by Helios Investments to acquire a stake ranging from 75% to 80% in a subsidiary that will own the Regional Data Hub (RDH), according to a press release.

The subsidiary owned by the two parties will engage in the business of data center development in Egypt. This will be implemented in adherence to the restructuring of said assets in a subsidiary, in accordance with the relevant procedures to be followed in that respect.

Upon completion, Helios Investments' share shall range from nearly 75% to 80% stake in the JV, while Telecom Egypt will retain about a 20%-25% equity ownership.

Moreover, the board members greenlighted signing the term sheets relating to the terms and conditions of the transaction and approved the appointment of an independent financial advisor.

In this regard, the Financial Regulatory Authority (FRA) will determine the fair value of RDH.

The binding offer submitted by Helios Investments comprises an aggregate valuation of 100% of RDH on a debt-free, cash-free basis of $230 million and could reach up to $260 million.

The stake acquisition will be subject to the satisfaction of certain pre-agreed KPIs, as will be outlined in the definitive agreements.

It is worth highlighting that EFG Hermes acts as the sole M&A financial advisor on the transaction. Meanwhile, ADSERO-Ragy Soliman & Partners and A&O Shearman serve as the legal advisors for Telecom Egypt.

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