VEON — the parent group of Jazz — has concluded the acquisition of the 15% minority stake in PMCL, the operating company of Pakistan’s leading mobile operator, Jazz, from the Dhabi Group for USD 273 million.
It maybe recalled that Dhabi Group had acquired 15% stakes in PMCL — in the unified company — after Warid was Merged with Mobilink. At the time of merger, Dhabi Group was allotted 15% stakes against Warid’s valuation without involving any cash transaction.
This transaction follows the Dhabi Group’s exercise of its put option announced on 28 September 2020 and gives VEON 100% ownership of PMCL.
After VEON’s this move, it will simplify and streamline 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, said: “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. I would also like to thank the Dhabi Group, which has been a strong partner to VEON in Pakistan.”