Doha, Qatar, January 20, 2025 /PRNewswire/ — Power International Holding (PIH), a world-renowned Qatari conglomerate, has officially completed the acquisition of a 100% stake in Mobile Telecom-Service LLP (MTS) from Kazakhtelecom JSC.
This acquisition follows the initial agreement signed on February 14, 2024In Doha between PIH, Kazakhtelecom and the Samruk-Kazyna sovereign fund as well as the signing of the definitive sale and purchase agreement on June 4, 2024.
MTS, known for its flagship brands Altel and Tele2, is the country’s leading provider of ultra-fast 5G connectivity. Established in 2004, MTS employs approximately 2,000 people and operates more than 140 retail stores. The company offers a full range of telecommunications and digital services, making it a pillar of Kazakhstan telecommunications landscape.
This financing was led by Citi and QNB as coordinators, bookrunners and mandated lead arrangers, with Halyk Bank JSC as mandated lead arranger and ICBC Standard Bank Plc, Bank of Bahrain and Kuwait BSC, and Commercial Bank International PJSC as arrangers.
Mr. Ramez Al-Khayyat The Chairman of Power International Holding said: “Power International Holding’s telecommunications group is a key part of the Company’s strategic growth. Through this acquisition, we aim to contribute significantly to the development of the telecommunications and technology sectors, by offering innovative solutions that will improve the digital experience in Kazakhstan and strengthen the country’s digital transformation.
He added: “The completion of this transaction is an important milestone for us and marks the strong confidence that renowned financial institutions place in us. With this acquisition, we are ready to further strengthen our expansion strategy in the telecommunications and digital sector. sector, in several countries around the world.
QNB Group, the largest financial institution in the Middle East And Africaleader of this historic transaction, played an essential role in leading the conglomerate to the conclusion of the agreement. Mr. Abdallah Mubarak Al-KhalifaQNB Group CEO commented: “We are proud to have played a central role in facilitating the acquisition of Mobile Telecom-Service LLP by Power International Holding. This strategic funding not only highlights QNB’s commitment to supporting key investments in the telecommunications sector, but also demonstrates our commitment to driving growth and innovation. We believe this acquisition will improve connectivity and drive economic development, consistent with our vision of corporate empowerment.
“We are pleased to have led this landmark acquisition financing for PIH in partnership with QNB. Transaction demonstrates Citi’s unmatched capabilities in emerging markets with on-the-ground presence in Qatar And Kazakhstanour industry expertise with telecoms clients around the world and our expertise in structuring loans and acquisition financing to achieve a successful outcome. Ebru Pakcan, Citi Middle East and the head of the Africa cluster and the banking sector.
The acquisition ushers in Power International Holding’s expansion into Kazakhstanrealizing the company’s active plan aimed at diversifying its investment flows.
On this occasion Mr. Eyad Abdoulrahim PIH Group’s Chief Financial and Investment Officer commented:
“This acquisition marks an important milestone for Power International Holding as we expand into Kazakhstan rapidly growing telecommunications sector. The deal involved navigating complex regulatory and financial landscapes, requiring extensive collaboration and coordination with global partners. Securing financing through an international syndicate of leading financial institutions was a key part of the process, reflecting great confidence in the long-term potential of our acquisition. We are committed to using this investment to improve infrastructure, including the deployment of 5G technology, to improve quality of service and provide advanced communications solutions to meet the changing needs of Kazakhstan population”
Mr. George BarakatPIH Group Treasury Director, commented: “We are pleased to announce the successful completion of our leveraged acquisition, marking a significant step forward in our strategic growth initiatives. Strong demand and support from regional and international banks, resulting in oversubscription of financing, underlines the market’s confidence in our strategic vision. The positive response from the banking sector further strengthens our financial strength and the confidence placed in the Group’s ability to execute complex transactions.
About Power International Holding:
Power International Holding (PIH) is a leading global company headquartered in Qatarrecognized for its diverse portfolio and strategic contributions across 14 key sectors. With operations spanning energy and natural resources, power concessions and infrastructure, construction; Health and professional services; Real estate development; Telecommunications, media and technology; Agricultural and food industries; and lifestyle.
PIH is committed to driving innovation and delivering sustainable value around the world.
Supported by more than 65,000 professionals representing 91 nationalities, PIH has successfully completed more than 1,250 projects in 19 countries, shaping industries and advancing global development.
Guided by its vision of creating a better future from Qatar in the world, PIH upholds the highest standards of quality, resilience and leadership in every business. The group remains committed to fostering innovation, training future leaders and preserving its heritage of excellence.
For more information, visit www.powerholding-intl.com
About QNB Group:
The QNB Group is one of the leading financial institutions in the Middle East And Africa region and among the most popular banking brands in the regional market. Present in more than 28 countries across Asia, EuropeAnd Africait offers tailor-made products and services backed by innovation and supported by a team of more than 31,000 professionals dedicated to promoting banking excellence worldwide.
About Citi:
Citi is a leading banking partner for institutions with cross-border needs, a global leader in wealth management and a popular personal bank in its home market of the United States. Citi operates in more than 180 countries and jurisdictions, providing businesses, governments, investors, institutions and individuals with a broad range of financial products and services. Additional information can be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
SOURCE Power International Holdings; QNB Group; Citi
