VEON completes purchase of Jazz stake

23 Mar 2021

Multinational telecoms group VEON has completed its acquisition of the 15% minority stake in its Pakistani mobile division, Jazz, from the Dhabi Group for USD273 million. The transaction followed Dhabi Group’s decision in September last year to exercise a put option to sell the shareholding to VEON. Dhabi Group had acquired the stake as part of the merger of its Warid unit with Jazz – then known as Mobilink – in 2016. With the completion of the sale, VEON now owns 100% of Jazz. Commenting on the development, VEON co-CEO Sergi Herrero was quoted as saying: ‘We are excited to conclude this transaction and take full ownership of our business in Pakistan. Jazz has an abundance of growth opportunities as its customers embrace our market-leading 4G and digital services. We look forward to supporting the team at Jazz as they continue to develop these opportunities further.’

Pakistan, Jazz (formerly Mobilink/Warid), VEON