התחל
ReutersReuters

E& Enterprise Forms JV With Bespin Global To Offer Cloud Managed And Professional Services

EAND

EMIRATES TELECOMMUNICATIONS GROUP COMPANY EAND:

  • E& ENTERPRISE FORMS A JOINT VENTURE WITH BESPIN GLOBAL TO OFFER CLOUD MANAGED AND PROFESSIONAL SERVICES IN THE METAP REGION

  • JV WILL BE 65% OWNED BY E& ENTERPRISE AND 35% BY BESPIN GLOBAL

  • BOTH COS WILL CONTRIBUTE THEIR EXISTING PUBLIC CLOUD REGIONAL BUSINESS AND RELATED PROFESSIONAL AND MANAGED SERVICES TO THE JV

  • IN ADDITION, BOTH SHAREHOLDERS WILL CONTRIBUTE AN INITIAL CASH INJECTION OF USD10 MILLION AS CAPITAL ON A PRO-RATA BASIS

  • E& WILL ACCESS SOUTH KOREAN INNOVATIVE MARKET, AND POTENTIALLY UNLOCK FURTHER COLLABORATION WITH EXISTING BESPIN GLOBAL’S SHAREHOLDERS BY MAKING INITIAL INVESTMENT OF $60 MILLION IN BESPIN GLOBAL IN EXCHANGE OF 10% STAKE

  • IN ADDITION, E& HAS THE OPTION TO INVEST ANOTHER USD 60 MILLION AT THE SAME VALUATION WITHIN A PERIOD OF 18 MONTHS FROM COMPLETION OF THE TRANSACTION

  • FURTHERMORE, E& IS COMMITTED TO PROVIDE ADDITIONAL FUNDING TO THE JV UP TO USD 40 MILLION, IN THE FORM OF SHAREHOLDER LOANS, TO FINANCE THE GROWTH OF BUSINESS

  • TRANSACTION IS NOT ASSOCIATED TO RELATED PARTIES AND INVESTMENTS ARE PAID IN CASH

  • UPON COMPLETION OF THE TRANSACTION, THE JV WILL BE CONSOLIDATED INTO E&’S FINANCIALS

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