Veon is in advanced discussions to sell its power assets in Pakistan.
Veon owns 10,000 to 12,000 towers in Pakistan, with each tower valued at $60,000 to $80,000, depending on interest rates. Veon is a communications network that was founded in Moscow in 1992.
It has since grown into a global communications behemoth headquartered in the Netherlands. It has over 127 million customers in nine countries, according to the records. Without a doubt, the company, which is currently Russia’s largest operator, has only recently begun the selling process. However, the company’s share price has dropped by two-thirds this year as a result of the various consequences of the Ukraine war. Not only that, but Veon sold 15,000 towers in Russia to Service Telecom LLC for nearly $970 million last year.
Veon’s Group Chief Executive Officer
Furthermore, Veon’s Group Chief Executive Officer Kaan Terzioglu reportedly stated that the sale process is nearing completion. Saudi Telecom Co.unit, a consortium between Pakistan’s TPL Corp and UAE-based TASC Towers, and Pakistani conglomerate Engro are among the tower bidders, according to the report. However, Veon and Saudi Telecom representatives declined to comment. The TPL-TASC consortium and Engro officials did not respond immediately to requests for comment. None of the companies responded about purchasing the towers or made a suitable comment about the potential deal.
Furthermore, it is important to note that TPL REIT Management Company Limited is a wholly owned subsidiary of TPL Properties Limited. Decided to form a strategic alliance with the UAE-based TASC towers. An Infrastructure Real Estate Investment Trust is used to acquire a Telecom Tower Infrastructure Company (REIT). TPL Properties Limited owns 100% of TPL REIT Management Company Limited. TPL RMC and TASC participated in an auction to acquire the most Telecom Tower Infrastructure Company shares through an Infra REIT as a consortium. The goal was to obtain all necessary clearances and authorizations from regulatory authorities.
Story Behind The Collapsed Deal
Veon and Global Telecom Holding (GTH) agreed to sell their Pakistan tower business for nearly $940 million in 2017. Tanzanite, a power operating firm owned by Malaysia’s doctors’ group and Dawood Hercules Corporation, agreed to buy Veon and GTH’s subsidiary in Pakistan. Jazz and its wholly-owned tower company, Deodar, which had a portfolio of over 13,000 telecommunication towers, were among them.
Unfortunately, the companies are still waiting to see if they can obtain the necessary regulatory approvals to close the potential deal.
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