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Mobilink parent company VimpelCom on Thursday confirmed Mobilink’s acquisition of Warid Telecom — Pakistan’s first mobile telecommunications acquisition.
According to the statement, Mobilink will first acquire 100% of Warid’s shares in consideration for the Dhabi Group shareholders acquiring approximately 15% of Mobilink’s shares.
Mobilink Chief Executive Jeffrey Hedberg will become the CEO of the combined business, which will serve 45 million customers in Pakistan, giving it a substantial lead in terms of market share.
The board of the new company will consist of seven directors, of whom six will be nominated by VimpelCom and Global Telecom Holding (GTH) and one nominated by the Dhabi Group shareholders.
The merger is expected to create capital and operating expenditure synergies of about $500 million. The combined revenue of both companies for the year leading to September 2015 was $1.4 billion.
According to official statement issued by VimpelCom, both Warid Telecom and Mobilink will merge into one company with 45 million combined customers.
Signing ceremony has been completed and now both companies are going to hold a press conference in Lahore later today to announce the details.
Upon successful completion of the transaction, which may take up to one year, 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.
A notice sent from Mobilink to Karachi Stock Exchange said that merged entity will have combined revenue of 1.4 billion dollars for 12 months till September 2015, while EBITDA margin of above 40%. It further said that the transaction is expected to create Capex and Opex synergies with a net present value of approximately USD 500 million.
After official announcement of Warid-Mobilink merger, Jeffrey Hedberg, President & CEO Mobilink and Muneer Farooqui, President & CEO Warid are jointly holding a press conference in Lahore today at 5:30PM to brief the media about the details of first ever merger in telecom history of Pakistan.
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