Veon has offered to acquire Global Telecom Holding’s assets in Banglalink.
Netherlands-based Veon, formerly know Vimplecom, owns majority share of Banglalink, the third largest telecom operators in country with a subscriber base of over 33 million.
In a statement on Tuesday, it said it also offered to acquire Global Telecom Holding’s assets in Pakistan’s Jazz.
The combined offer has been valued at $2.55 billion in cash, deferred considerations and assumed debt.
The transaction is expected to be complete in the fourth quarter of 2018, according to the statement.
The deal will allow Veon to have direct control over Banglalink.
Banglalink is a fully owned company of Telecom Ventures, a unit of Global Telecom Holding or GTH. Veon owns 51.9 percent of GTH.
“Our goal is to drive greater value for our shareholders through a more focused and optimised portfolio,” the statement quoted Veon Executive Chairman Ursula Burns. “Today’s transactions are important steps towards this goal.”
Veon said in the statement that is has entered into an agreement with CK Hutchison for the sale of its 50 percent stake in Italy’s Wind Tre.
Veon plans to use $1.1 billion, a portion of proceeds from the Wind Tre sale, to help pay for GTH’s assets in Pakistan and Bangladesh.
“This is a matter between VEON and Global Telecom Holding. It’s business as usual for Banglalink,” Senior Manager for Corporate Communications Ankit Sureka texted when reached for a comment.