PhotoNews
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    Shark Attack Video
    Videos

    Viral Video: A female diver survives shark attack

    March 20, 2023 2 Min Read
    The Daily Show, Bilawal Bhutto Zardari's full interview
    Videos

    Bilawal Bhutto Zardari full Interview on ‘The Daily Show”

    March 15, 2023 1 Min Read
    Videos

    Miley Cyrus ‘River’: Full lyrics of the song

    March 11, 2023 3 Min Read
  • Sports
  • Offbeat
  • Blog
  • Contact
Reading: Mobilink, Warid Telecom announce merger
PhotoNewsPhotoNews
Aa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
PhotoNews > Business > Mobilink, Warid Telecom announce merger
Business

Mobilink, Warid Telecom announce merger

Last updated: 2015/11/26 at 2:45 PM
3 Min Read
Share
SHARE

It’s official – Pakistan’s telecom industry is about to witness a massive consolidation as the parent companies of Mobilink and Warid Telecom announced on Thursday that they had reached a merger agreement.

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.

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 merger will create synergies worth $500m.

“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,” reads the press release.

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.”

The board of the merged company will consist of seven directors, of whom six will be nominated by VimpelCom and GTH (Mobilink) and one nominated by the Dhabi Group shareholders. Upon successful completion of the transaction, Mobilink’s CEO Jeffrey Hedberg will become the CEO of the combined business and Mobilink’s CFO Andrew Kemp will become the CFO of the combined function.

“Creating the largest operator in Pakistan is a significant milestone for Mobilink and Warid but also for Pakistan as a whole. Both parties bring their unique strengths to this merger. Warid, with its strong post-paid base and high quality 4G/LTE network will complement Mobilink’s position in the market,” Dhabi Group Chairman Sheikh Nahyan Mubarak al Nahyan said.

Executives from both companies will address media personnel to give out more details on the agreement later in the day.

admin November 26, 2015
Share this Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

Toshiba's Bailout, Japan Industrial Partners

Toshiba accepts $15.2b buyout proposal

Pakistan's Earthquake

Pakistan’s recent earthquake killed 11, 172 houses damaged: NDMA

Barrister Shehzad Ata Elahi

Barrister Shehzad Ata resigns as Attorney General of Pakistan

Pkaistan Inflation in Ramadan, Inflation in Pakistan in Ramadan

Pakistan braces for most difficult Ramadan amid hyperinflation

Pakistan Supreme Court Bar Association

SCBA rejects the Punjab elections’ postponement

Pakistan IMF Program Update

IMF dismisses ECP funds blockage claims

Post Archives

More Popular from Photonews

Pepper Sprays Review
Blog

Pepper Sprays: A Review

13 Min Read
Karachi's Crime Rate
Blog

Guns: Why we need them more then ever before

5 Min Read
Pakistan's Nuclear Weapons, Pakistan's Nuclear, IMF Conditions
BusinessPakistan

IMF rejects Ishaq Dar’s claims link loan program with Pakistan’s nuclear weapons

2 Min Read
PunjabTop News

Imran Khan’s arrest: Police seize Zaman Park gate during PTI brawl.

An Islamabad Police party with armored vehicles with the support of Punjab police arrived at the…

March 14, 2023
Videos

Watch KAROL G, Shakira’s new song TQG’s official video

After a month of BZRP Music Sessions #53 on YouTube, Shakira returns with another post-breakup banger,…

March 1, 2023
Entertainment

Victoria’s Secret announces iconic fashion show after 4 years, but with a new version

The Victoria's Secret Fashion Show will return after a four-year absence, and the 2023 Victoria's Secret…

March 7, 2023
Videos

Watch the official trailer of MH370: The Plane That Disappeared

On March 8, 2014, Malaysia Airlines Flight 370 vanished from the radar, sparking the greatest mystery…

February 26, 2023
PhotoNews

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2023 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?