VEON (VEON) said Friday it has received all regulatory approvals for its partnership with Engro for the pooling and management of telecommunications infrastructure assets in Pakistan.
VEON's infrastructure assets housed under Deodar will vest into Engro Connect through a scheme of arrangement that is expected to be completed in June.
Engro will pay VEON's digital operator, Jazz, about $188 million and guarantee the repayment of Deodar's intercompany debt of $375 million.
Jazz will continue to lease Deodar's infrastructure to provide mobile voice and data services across the country under a long-term partnership agreement, VEON said.
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