VEON Ltd, a Dutch telecommunications company, has purchased all of the shares in Jazz Pakistan’s telecom venture from the UAE-based Dhabi group.
VEON reported on Monday that it had completed the acquisition of a minority stake in Pakistan Mobile Communications Ltd in an official statement (PMCL).
VEON is a Dutch multinational telecommunications services company with headquarters in Amsterdam.
It primarily provides services in Asia, Africa, and Europe. With about 214 million subscribers, it is the world’s ninth largest mobile network operator.
The purchase of a 15% minority stake in PMCL from the Dhabi Group for $273 million has been completed, according to VEON. The deal gives VEON a 100 percent stake in PMCL.
VEON now owns 100% of Jazz Pakistan as a result of the deal. This streamlines and simplifies the group’s governance over its Pakistani properties, allowing VEON to capture the full value of this growing company, including PMCL’s potential dividends.
In a tweet, Sergi Herrero, VEON’s co-CEO, said that Jazz has a lot of room to expand as its customers accept market-leading 4G and digital services.
The Abu Dhabi Group is an investment holding company based in the United Arab Emirates with major business interests in financial services, the hospitality industry, oil, IT and telecom, real estate agriculture, and other fields.