VEON and Engro Corporation Advance to Closing Pioneering Infrastructure Partnership in Pakistan Following Regulatory Approvals

Core Insights - VEON Ltd. has secured all regulatory approvals for its strategic partnership with Engro Corporation Limited to manage telecommunications infrastructure assets in Pakistan, enhancing digital investments in the country [1][2] - The partnership involves transferring VEON's infrastructure assets to Engro Connect, a subsidiary of Engro Corp, through a scheme of arrangement, expected to be completed in June [2] - This agreement is anticipated to accelerate Jazz's transformation into an asset-light services company, promoting growth for both Jazz and Engro Corp while supporting Pakistan's digital transformation [3][4] Financial Details - Engro will pay Jazz approximately USD 188 million and guarantee the repayment of Deodar's intercompany debt amounting to USD 375 million [6] Company Profiles - VEON is a Nasdaq-listed digital operator serving nearly 160 million customers across six countries, focusing on technology-driven services that empower individuals and stimulate economic growth [7] - Jazz, as Pakistan's leading digital operator, has over 71.5 million cellular subscribers and offers a wide range of digital services, including JazzCash and Tamasha [8] - Engro Corporation is a diversified conglomerate in Pakistan, involved in various sectors including telecommunications infrastructure, and aims to address pressing issues through its business portfolio [9]