VEON, the world’s leading Internet and communications service provider, announced in an official statement that it has successfully completed the acquisition of a 15% minority stake in Pakistan Mobile Communications Limited (PMCL), operator of Pakistan’s leading mobile operator, Jazz, Abu Dhabi Group. for $ 273 million.
The Dutch telecommunications giant is the world’s ninth largest mobile operator with approximately 214 million customers in Asia, Africa and Europe. Meanwhile, Jazz is one of the largest mobile operators in Pakistan.
According to the statement, the agreement will take place immediately after the UAE-based Abu Dhabi Group exercised its purchase option announced on September 28, 2020 and granted 100% ownership of VEON to PMCL, which later became Jazz.
Earlier, Profit announced that VEON will purchase the remaining Jazz shares at 100%. The deal was expected to conclude in the last quarter of 2020, however, due to the global pandemic, the deal got delayed until now.
VEON’s co-CEO, Sergi Herrero commneted on the transaction:
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.
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