VEON acquires Dhabi group stake in Jazz for $273m

Published March 23, 2021
The head office of Jazz is seen in this file photo.
The head office of Jazz is seen in this file photo.

ISLAMABAD: The Dutch telecom giant VEON Ltd has bought all stakes in its telecom venture from the UAE-based Dhabi group in Jazz Pakistan.

VEON in its official statement released on Monday announced that it has completed the acquisition of minority shareholding in Pakistan Mobile Communications Ltd (PMCL).

VEON is a multinational telecommunication services company headquartered in Amsterdam, the Netherlands.

It operates services mainly in Asia, Africa and Europe. It is the ninth largest mobile network operator in the world with around 214 million customers.

VEON announced it has successfully concluded the acquisition of the 15 per cent minority stake in PMCL from the Dhabi Group for $273 million. The transaction gives VEON 100pc ownership of PMCL.

The transaction has given VEON full ownership of Jazz Pakistan. This simplifies and streamlines the group’s governance over its Pakistani assets and enables VEON to capture the full value of this growing business, including future dividends paid by PMCL.

Sergi Herrero, VEON’s co-CEO, in the statement remarked that Jazz has an abundance of growth opportunities as its customers embrace the market-leading 4G and digital services.

Dhabi Group is a UAE-based investment holding company with major business interests in financial services, hospitality industry, energy, IT and telecom, real estate agriculture etc.

Published in Dawn, March 23rd, 2021

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Good examples

Good examples

It is not impossible for female (or male) leaders to fulfil promises if they have the will and drive to do so.

Editorial

Democracy damaged
Updated 28 Feb, 2024

Democracy damaged

The reserved seats controversy could have been avoided had the ECP by now decided whether SIC deserves them or not.
Misplaced priorities
28 Feb, 2024

Misplaced priorities

THE federal government’s filing of a petition with the Supreme Court on Monday, seeking to overturn an Islamabad...
Killing jirgas
28 Feb, 2024

Killing jirgas

ANOTHER day and another chilling story unfolds in Kohistan. The jirga institution, declared illegal by the top ...
New funds
27 Feb, 2024

New funds

PAKISTAN plans to seek a new loan of $6bn from the IMF under its Extended Fund Facility for a period of three years,...
Missing link
27 Feb, 2024

Missing link

WITH most of Punjab and KP now accessible via motorways, which have greatly eased road travel for the bulk of the...
Tragedy averted
Updated 27 Feb, 2024

Tragedy averted

Pakistan must shed the layers of intolerance that have been allowed to permeate society.