GTH and VEON sell Pakistani tower business subsidiary

Global Telecom Holding and VEON announced that their Pakistani subsidiary, Jazz, has signed an agreement for the sale of its tower business, Deodar, for approximately USD 940 mn, subject to adjustments. The transaction will be on a cash and debt-free basis for a total equivalent of USD 940 mn in Pakistani rupees. “At completion of the sale, Deodar will enter into a master services agreement (MSA) with Jazz, whereby it will continue to provide tower services to Jazz … Proceeds from the transaction will be utilized for Jazz’s general corporate purposes, the funding of recently awarded spectrum and repayment of a proportion of Jazz’s outstanding debt,” VEON notes.