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‘VENON’ is Close to Selling its Tower Assets in Pakistan

Jazz parent company closing a deal of selling its tower with a Pakistani and Emirates joint venture company

In recent days, Jazz parent company VEON CEO Kaan Terzioglu said in his interview that the company is closing to sell its tower in Pakistan. He told this to the interviewer without naming the bidder.

The company owned 10,000 to 12,000 towers in Pakistan, and its price was estimated at $600 Million. The deal is still in the pipeline and will be unveiled within a few weeks. The strong contestants are TPL from Pakistan, who joined with TASC group. These contestants have to face strong competition from many other big-name telecommunication names.

Now there are two possibilities that the towers will be sold. It is also probable that the company, i.e., VEON retrieve from its deal. If the deal happens, then it will be a major transaction in Pakistan after 2011.

TPL was founded in 1999 and is known as the pioneer of car tracking in Pakistan. TPL offers GPS tracking, venture capital, security services, and insurance. In September, TPL announced that they would buy a big company’s towers along with the TASC group.

VEON begin in Russia and has 217 million users across the world. The company raised $970 million by selling the tower in Russia. Now it is looking forward to raising a big chunk of money by selling its tower to buyers from Pakistan, Bangladesh, Kazakhstan, Uzbekistan, and Ukraine.

Written by Aly Bukshi

The editorial staff at IPIN is a team of news publishing experts led by Aly Bakshi. We publish interesting and informative news/articles all over the world. Our aim is to provide readers with the latest and most up-to-date information possible.