The biggest merger of Telecom industry took place on Thursday when the country’s largest cellular phone operator, Mobilink, and Warid Telecom merged their operations.
According to local media reports, under the terms of the deal, Mobilink will first buy all of Warid. The Dhabi Group shareholders will then take a 15 percent stake in Mobilink. When the transaction is complete, the parties will merge Warid into Mobilink. Mobilink Chief Executive Jeffrey Hedberg will become the CEO of the combined business.
According to official statement issued by VimpelCom, both Warid Telecom and Mobilink will merge into one company with 45 million combined customers.
Reportedly, official announcement is due anytime soon today. Both companies are going to hold a press conference in Lahore later today to announce the details.
Comments
Comments are closed.