VEON acquires Dhabi group stake in Jazz for $273m

VEON has announced a successful conclusion of the 15 percent minority stake acquisitions of the Dhabi Group's US$273 million in PMCL, the leading Pakistani mobile service operator, Jazz, by a leading global provider of connectivity and internet services.

This deal follows the Dhabi Group's announcement, on 28 September 2020, of its proposed option and provides PMCL for VEON to hold 100 percent of the company. This simplifies and allows VEON to capture the full value of this expanding company, including future dividends paid out by PMCL, through the Group's management of its Pakistanian assets.

VEON's co-CEO, Sergi Herrero, said:
"This transaction we look forward to concluding and fully owning our Pakistani company. As its customers take on our market-leading 4G and digital services, jazz offers plenty of potential for growth. We look forward to assisting the Jazz team in further expanding these opportunities. I also want to thank the Dhabi Group, which in Pakistan was a good VEON partner."
VEON is a global service provider of telecommunications. Services in Asia, Africa, and Europe are mainly available. With around 214 million subscribers, it is the ninth-largest mobile network operator in the world.

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