The UAE's e&, previously known as Etisalat, has concluded the formation of a joint venture (JV) with South Korea's Bespin Global to build a new company.
UAE's e& and Bespin Global partnership
E& spent $60 million in Bespin Global in return for a 10% share, according to a regulatory filing on the Abu Dhabi Securities exchange (ADX) on Friday.
The JV is going to be treated as an e& subsidiary beginning in May 2023, according to the company.
E& and Bespin Global cloud services
It will be held 65% by e& enterprise and 35% by Bespin Global, and it will offer public cloud services throughout the Middle East, Turkey, Africa, and Pakistan.
As Bespin Global is one of the most rapidly expanding cloud managed service companies, with offices in South Korea, China, Japan, Singapore, Vietnam, Indonesia, and the United States.
The deal's achievements
The deal fits into the $57 billion telecom company's strategic ambitions to grow its operations and expand abroad. Last month, it agreed to spend $400 million in exchange for a large share of ownership in Careem's super-app business with Uber Technologies Inc.
It became the biggest stakeholder in Vodafone Group earlier this year after increasing its stake to 14%.
