Telecom Egypt Board Approves Helios Offer For 75% To 80% Stake In Regional Data Hub

(RTTNews) - Telecom Egypt SAE (TEEG.L, TEGPY.PK), on Wednesday, said its Board of Directors, in a meeting held on September 3, granted preliminary approval for a binding offer from Helios Investments to acquire a 75% to 80% stake in a subsidiary that will own the Regional Data Hub.

The new subsidiary, jointly owned by the two parties, will focus on data center development in Egypt after the restructuring of Regional Data Hub's assets.

Following the transaction, Helios Investments will hold about 75% to 80% of the unit, while Telecom Egypt will retain a 20% to 25% stake.

The binding offer from Helios Investments values 100% of Regional Data Hub on a debt-free, cash-free basis at $230 million, rising to as much as $260 million.

Completion of the transaction remains subject to final definitive agreements, the restructuring of Regional Data Hub into a Telecom Egypt subsidiary, and the execution of ancillary transaction documentation.