Advertisements

Power International Holding Acquires Mobile Telecom-Service LLP

by Celia

Power International Holding (PIH), a renowned Qatari conglomerate, has successfully acquired 100% ownership of Mobile Telecom-Service LLP (MTS) from Kazakhtelecom JSC. This strategic move, finalized in a landmark transaction, marks a significant milestone for PIH in its global expansion efforts.

The acquisition follows an agreement signed on February 14, 2024, in Doha, between PIH, Kazakhtelecom, and the sovereign wealth fund Samruk-Kazyna, alongside the definitive sale and purchase agreement signed on June 4, 2024.

Advertisements

MTS, a leading telecommunications provider in Kazakhstan, operates under well-known brands such as Altel and Tele2. Established in 2004, the company offers ultrafast 5G connectivity and employs approximately 2,000 staff across over 140 retail locations. MTS is a key player in Kazakhstan’s telecommunications sector, offering a wide range of services that contribute significantly to the country’s digital infrastructure.

Advertisements

The acquisition’s financing was spearheaded by Citi and QNB, acting as Coordinators, Bookrunners, and Mandated Lead Arrangers. Halyk Bank JSC also played a central role as a Mandated Lead Arranger, with support from ICBC Standard Bank Plc, Bank of Bahrain and Kuwait B.S.C., and Commercial Bank International PJSC as Arrangers.

Mr. Ramez AlKhayyat, President of Power International Holding, commented on the strategic importance of the acquisition: “Our telecommunications group is an integral part of PIH’s growth strategy. This acquisition will not only bolster the development of Kazakhstan’s telecommunications sector but also accelerate digital transformation, offering innovative solutions to enhance the local digital experience.”

AlKhayyat further emphasized the significance of the deal, noting, “This transaction represents a critical step forward for us, demonstrating the strong confidence that financial institutions have in our strategy. With this acquisition, we are poised to expand further in the telecommunications and digital sectors across multiple global markets.”

Advertisements

QNB Group, the Middle East and Africa’s largest financial institution, played a key role in facilitating the acquisition. Mr. Abdulla Mubarak Al-Khalifa, QNB Group CEO, stated, “We are proud to have contributed to the success of this acquisition, which is a pivotal moment for both Power International Holding and the telecommunications sector. This financing not only underscores our commitment to supporting key investments but also aligns with our vision of fostering economic development through enhanced connectivity and innovation.”

The completion of this acquisition marks a significant leap for PIH as it strengthens its presence in the global telecommunications and technology markets.

Related topics

Advertisements

You may also like

blank

Bedgut is a comprehensive insurance portal. The main columns include commercial insurance, auto insurance, health insurance, home insurance, travel insurance, other insurance, insurance knowledge, insurance news, etc.

[Contact us: [email protected]]

© 2023 Copyright  bedgut.com