Telecom giant VEON acquires Pakistani operator Jazz for $273mn

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

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

Sergi Herrero, VEON’s co-CEO, 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 embrace our market-leading 4G and digital services. We look forward to supporting the team at Jazz as they continue to develop these opportunities further. I would also like to thank the Dhabi Group, which has been a strong partner to VEON in Pakistan.”

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