VEON Acquires Dhabi Group’s 15% Shares in Jazz for $273 Million
The 15% minority holding in PMCL, the operational firm of Jazz, a significant mobile provider in Pakistan, from the Dhabi Group for USD 273 million. VEON, Jazz’s parent company.
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After Warid and Mobilink amalgamated, it may be noted that Dhabi Group bought 15% of PMCL, the consolidated firm. Without engaging any cash transactions, 15% stakes were distributed to Dhabi Group at the time of the merger based on Warid’s valuation.
With this deal, VEON gains full ownership of PMCL and the Dhabi Group exercises their put option that was first announced on September 28, 2020.
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After VEON makes this change, the Group’s governance over its Pakistani assets will be streamlined and made simpler. This also enables VEON to fully use the potential of this expanding company, including any future dividends paid by PMCL.
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