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Telecom giant VEON acquires Pakistani operator Jazz for $273mn

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Dutch telecom giant, VEON Ltd, the leading global provider of connectivity and Internet services, has successfully concluded the acquisition of a 15 percent minority stake from Pakistan Mobile Communications Limited (PMCL), Pakistan’s leading mobile operator, Jazz’s operating company. Dhabi Group for $ 273 million.

According to the official statement by VEON, the transaction follows the Dhabi Group’s practice of its put option announced on 28 September 2020 and gives ownership of VENC 100 PMLC. This simplifies and streamlines the Group’s governance over its Pakistani assets to VON to capture the full value of this growing business, including future dividends paid by PMCL, the statement reads.

VEON co-CEO Sergi Herrero said: “We are excited to conclude this transaction and take full ownership of our business in Pakistan. Jazz has an abundance of growth opportunities as its customers adopt our market-leading 4G and digital services. We at Jazz look forward to supporting the team as they will continue to develop these opportunities even further. I also want to thank the Dhabi Group, which has been a strong partner of VEN in Pakistan.

It is pertinent to mention that the Dhabi Group is a UAE-based investment holding company with major business interests in financial services, hospitality industry, energy, IT and telecommunications, real estate agriculture, etc.

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Source

MTI

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