Mobilink Warid merger
A joint press release issued by both companies says Mobilink will first acquire 100 per cent of Warid’s shares in consideration for the Dhabi Group (Warid’s parent company) shareholders acquiring approximately 15pc of Mobilink shares (Mobilink Warid Merger) .
The merged entity will serve over 45 million mobile customers and will become the leading high-speed mobile network in Pakistan, claims the release.
“The transaction is expected to close within six months from today, subject to obtaining approvals from the relevant authorities in Pakistan and the satisfaction of customary closing conditions,”
Commenting on the agreement, Jean-Yves Charlier, Chief Executive Officer of VimpelCom, Mobilink’s parent company, said:
“We are delighted to announce the agreement with the Dhabi Group shareholders today to combine our businesses in Pakistan. With the addition of Warid to our already strong customer base at Mobilink, we will serve more than 45 million customers and offer a best-in-class mobile and high-speed data network – a key factor in the digital enablement of Pakistan’s economy. This transaction follows a number of strategic milestones for the company, including our recent joint venture announcement with WIND and 3 Italia in Italy and the agreement to sell our operations in Zimbabwe. This is yet another important step in our journey to continue delivering on our strategy to transform VimpelCom and improve our competitive position in our operating markets.”