The merger between Mobilink and Warid Telecom has received a go ahead from Competition Commission of Pakistan (CCP). This approval is the first of four required approvals from the local regulatory bodies, including Pakistan Telecommunication Authority (PTA), Securities & Exchange Commission Pakistan (SECP) and the State Bank of Pakistan (SBP).
November last year, parent companies of Mobilink and Warid Telecom, Vimpelcom and Dhabi Group have reached a merger agreement that will see the creation of a combined entity which will be serving 45 million customers. As part of the transaction, Mobilink will first acquire 100% of Warid’s shares followed by Dhabi Group shareholders acquiring approximately 15% of the shares of Mobilink. The transaction is the first merger in the mobile telecommunications market in Pakistan.
Jean-Yves Charlier, CEO of VimpelCom
Together, the future entity will serve more than 45 million customers through a best-in-class mobile and high-speed network, andbring further investment into infrastructure and digital services forconsumers in Pakistan as they navigate the digital world.
Jeffrey Hedberg, President and CEO of Mobilink
We are delighted to receive the CCP’s approval, which is an important milestone in the merger process and paves the way for other regulatory approvals. We appreciate the role played by the CCP during this process and we look forward to progressing with the remaining regulatory bodies in the coming days.
