Global telecom giant VEON acquires Jazz for $273mn

A 15 percent minority stake in Pakistan Mobile Communications Limited (PMCL), the operating company of Pakistan's leading mobile operator, Jazz, has been acquired by the Dhabi Group at $273 million from the Netherlands mega-first-class telecom company VEON Ltd, a world leader in connectivity and Internet services.

VEON annexed the acquisition of minority equity shares in Pakistan Mobile Communications Ltd in its official statement issued on Monday (PMCL).

VEON is a multinational, Amsterdam-based telecommunications services firm.

The company mainly operates in Europe, Asia, and Africa. With some 214 million customers, it is the ninth biggest mobile network operator in the world.

The purchase of 15% minority interest in PMCL of the Dhabi Group, which was acquired for $273 million, was announced by VEON. VEON is 100% owned by PMCL in the transaction.

VEON owned Jazz Pakistan in its entirety through the transaction. This simplifies and streamlines the group's management of its assets in Pakistan and allows VEON, including the future dividend of PMCL, to capture the full value of the growing business.

Sergi Herrero, VEON's CEO, stated in his statement that, as its clients accept leading 4G and digital services, Jazz offers a variety of growth opportunities.

Dhabi Group is a UAE investment carrier with major financial services, hospitality, energy, IT and telecom, property farms, and so on business interests.

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