VEON to acquire 100% of Jazz

29 Sep 2020

Multinational telecoms group VEON has announced that its partner, Dhabi Group, has exercised its put option to sell VEON its 15% shareholding in their Pakistani telco, Pakistan Mobile Communications Limited (PMCL), which operates under the Jazz brand name. VEON notes that the transaction requires independent valuation to determine the fair value of the shareholding, but expects the deal to close in Q4 2020. Following the completion of the deal, VEON will own 100% of the cellco, which it says will allow it to: ‘simplify and streamline governance over its Pakistani assets, as well as capture the full value of dividends paid by PMCL’.

Pakistan, Jazz (formerly Mobilink/Warid), VEON