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:
Latest posts by News Desk (see all)
- Oil Prices down amid Geo-Political Uncertainty - November 1, 2023
- Govt to borrow PKR8.5 trillion in Bond Auction till Jan-2024 - November 1, 2023
- Nishat Chunian Ltd: 1QFY24 profit rises 13 percent to PKR 500mn - October 31, 2023