ISLAMABAD: The two leading cellular companies of Pakistan have announced merger as Mobilink and Warid Telecom have reached a collaboration agreement.
According to a joint press release, Mobilink will first acquire 100 per cent of Warid’s shares in consideration for the Dhabi Group (parent company of Warid) shareholders acquiring approximately 15 percent of the 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,” according to the release.
“We are delighted to announce the agreement with the Dhabi Group shareholders 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,” said Jean-Yves Charlier, chief executive officer of the VimpelCom, Mobilink’s parent company.
