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Wednesday, 4 July 2018

Veon makes offer to acquire Global Telecom assets in Pakistan and Bangladesh for USD 2.5 bn

Amsterdam-based Veon Holdings made an offer to acquire some of Global Telecom Holding’s (GTH) assets in Pakistan and Bangladesh for USD 2.6 bn, Veon said in a press release on Tuesday. Veon will buy GTH’s Pakistan subsidiary Jazz and its associated operations, in addition to Bangladesh telecom Banglalink. The transaction “is expected to be satisfied in part by Veon discharging and taking on debt, including bonds, of the GTH group in an amount of approximately [USD 1.6 bn],” the firm added. The move will allow Veon, which owns 57.7% of GTH, to consolidate its debts. Veon plans to pay for the acquisition through the proceeds of a 50% stake sale in Wind Tre to CK Hutchison for USD 2.9 bn. The firm had made mandatory offer to purchase the remaining 42.3% of GTH for nearly EGP 15.5 bn back in November, but withdrew the offer in April, causing GTH’s shares to tank.

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