Jazz’s Parent Company Accepts Offer for Sale of 10,500 Telecom Towers to TPL-TASC Group

Veon, the parent company of Jazz, has conditionally accepted the offer of TPL REIT Management Company Limited in partnership with TASC Towers for the acquisition of their subsidiary (Telecom Tower Infrastructure Company) which owns and manages more than 10,500 telecom towers in Pakistan. According to the stock filing, the parent company, which is one of the largest Telecom Tower operators in Pakistan has conditionally accepted the offer made by TPL REIT Management Company Limited in partnership with TASC Towers (the “Consortium”) for the acquisition of their subsidiary (Telecom Tower Infrastructure Company) which owns and manages more than 10,500 telecom towers in Pakistan. The offer is subject to the signing of definitive agreements, all necessary corporate approvals, and receipt of relevant regulatory approvals, the filing read. Upon completion, the sale will be Pakistan’s largest transaction since 2011.