DOHA,
Qatar, Jan. 20, 2025 /CNW/ -- Power International
Holding (PIH), a globally recognized Qatari-based conglomerate, has
officially completed the acquisition of a 100% participatory
interest in Mobile Telecom-Service LLP (MTS) from Kazakhtelecom
JSC.
This acquisition follows the initial agreement signed on
February 14, 2024, in Doha between PIH, Kazakhtelecom, and the
sovereign wealth fund Samruk- Kazyna as well as the signing of the
definitive sale and purchase agreement on June 4, 2024.
MTS, known for its prominent brands Altel and Tele2, is the
country's leading provider of ultrafast 5G connectivity.
Established in 2004, MTS employs around 2,000 staff and operates
over 140 retail stores. The company offers a comprehensive range of
telecommunications and digital services, making it a cornerstone of
Kazakhstan's telecommunications
landscape.
This financing was led by Citi and QNB as Coordinators,
Bookrunners, and Mandated Lead Arrangers, with Halyk Bank JSCas a
Mandated Lead Arranger, and ICBC Standard Bank Plc, Bank of
Bahrain and Kuwait B.S.C,
and Commercial Bank International PJSC as Arrangers."
Mr. Ramez AlKhayyat President of Power International
Holding, commented: "Power International Holding's
telecommunications group is a key component of the Company's
strategic growth. Through this acquisition, we aim to significantly
contribute to the development of the telecommunications and
technology sectors, offering innovative solutions that will enhance
the digital experience in Kazakhstan and empower the digital
transformation of the country.
He added : "The closing of this transaction is an important step
for us and marks the strong trust and confidence that renowned
financial institutions have placed in us. With this acquisition, we
are poised to further strengthen our expansion strategy, in the
telecomunication and digital sector, in several countries of the
world."
QNB Group, the largest financial institution in the Middle East and Africa, the leader on the landmark
transaction, has played a vital role in leading the conglomerate
towards closing the deal. Mr. Abdulla
Mubarak Al-Khalifa, QNB Group Chief Executive Officer
commented: "We are proud to have played a pivotal role in
facilitating the acquisition of Mobile Telecom-Service LLP by Power
International Holding. This strategic financing not only
underscores QNB's commitment to supporting key investments in the
telecommunications sector but also demonstrates our dedication to
fostering growth and innovation. We believe that this acquisition
will enhance connectivity and drive economic development, aligning
with our vision of empowering businesses."
"We are delighted to have led this landmark acquisition
financing for PIH in partnership with QNB. The transaction
demonstrates Citi's unparalleled capabilities in emerging markets
with on ground presence in Qatar
and Kazakhstan, our industry
expertise with telecom clients globally and Loans & Acquisition
Finance structuring expertise to deliver a successful outcome."
Ebru Pakcan, Citi Middle East
and Africa Cluster and Banking Head stated.
The acquisition inaugurates Power International Holding's
expansion in Kazakhstan, achieving
the company's active plan to diversify its investment streams.
On this occasion Mr. Eyad
Abdulrahim PIH Group Chief Finance and Investment
Officer commented:
"This acquisition marks a significant milestone for Power
International Holding as we expand into Kazakhstan's rapidly growing
telecommunications sector. The deal involved navigating complex
regulatory and financial landscapes, requiring extensive
collaboration and coordination with global partners. Securing
funding through an international syndicate of leading financial
institutions was a key part of the process, reflecting strong
confidence in the our acquisition's long-term potential. We are
committed to using this investment to enhance infrastructure,
including the deployment of 5G technology, to improve service
quality and delivering advanced communication solutions to meet the
evolving needs of Kazakhstan's
population"
Mr. George Barakat, PIH
Group Chief Treasury Officer, commented: "We are pleased to
announce the successful completion of our leveraged buyout
acquisition, marking a significant advancement in our strategic
growth initiatives. The strong demand and support from both
regional and international banks, resulting in an oversubscription
of the financing, underscores the market's confidence in our
strategic vision. The positive response from the banking sector
further reinforces our financial strength and the trust placed in
the Group's ability to execute complex transactions.
About Power International Holding:
Power International Holding (PIH) is a premier global enterprise
headquartered in Qatar, recognized
for its diversified portfolio and strategic contributions across 14
key sectors. With operations spanning Energy and Natural resources
, Concessions power and infrastructure, Construction; Healthcare
and Professional Services; Real Estate Development;
Telecommunications, Media, and Technology; Agriculture and Food
Industries; and Lifestyle.
PIH is committed to driving innovation and delivering
sustainable value worldwide.
Supported by over 65,000 professionals representing 91
nationalities, PIH has successfully delivered more than 1,250
projects in 19 countries, shaping industries and advancing global
development.
Guided by its vision to create a brighter future from
Qatar to the world, PIH upholds
the highest standards of quality, resilience, and leadership in
every endeavor. The group remains dedicated to fostering
innovation, developing future leaders, and preserving its legacy of
excellence.
For more information, visit www.powerholding-intl.com
About QNB Group:
QNB Group is one of the leading financial institutions in the
Middle East and Africa region and among the most valuable
banking brands in the regional market. Present in over 28 countries
across Asia, Europe, and Africa, it offers tailored products and
services supported by innovation and backed by a team of over
31,000 professionals dedicated to driving banking excellence
worldwide.
About Citi:
Citi is a preeminent banking partner for institutions with
cross-border needs, a global leader in wealth management and a
valued personal bank in its home market of the United States. Citi does business in more
than 180 countries and jurisdictions, providing corporations,
governments, investors, institutions and individuals with a broad
range of financial products and services. Additional information
may be found at www.citigroup.com | X: @Citi | LinkedIn:
www.linkedin.com/company/citi | YouTube: www.youtube.com/citi |
Facebook: www.facebook.com/citi
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SOURCE Power International Holdings; QNB Group; Citi