VEON and Engro Corp finalize a partnership for telecom infrastructure management in Pakistan, enhancing digital services nationwide.
Quiver AI Summary
VEON Ltd. has successfully finalized a partnership with Engro Corporation for the pooling and management of telecommunications infrastructure assets in Pakistan. As part of this agreement, VEON's infrastructure assets, managed under Deodar (Private) Limited, will now be transferred to Engro Connect, a subsidiary of Engro Corp. VEON's digital service provider, Jazz, will continue to lease this infrastructure to deliver mobile voice and data services nationwide through a long-term agreement. This partnership, valued at USD 562.7 million and officially announced in December 2024, received regulatory approval in May 2025. VEON's Group CEO, Kaan Terzioglu, highlighted this partnership as a key milestone in their asset-light strategy, allowing Jazz to expand its digital service offerings, contributing to the advancement of Pakistan's digital economy.
Potential Positives
- VEON successfully closed a significant partnership with Engro Corporation, enhancing its asset-light strategy and operational efficiency in Pakistan.
- The partnership allows VEON's digital operator Jazz to lease extensive telecommunications infrastructure, ensuring continuity in essential mobile voice and data services.
- This collaboration is expected to accelerate Jazz's transformation into a services company, expanding its digital portfolio across various sectors such as financial services and entertainment.
- The transaction was completed at an enterprise value of USD 562.7 million, indicating strong financial backing and investment in the region's digital economy.
Potential Negatives
- The partnership involves the transfer of significant telecommunications infrastructure assets to Engro Corp, which may indicate a reduction in VEON's direct control over its infrastructure in Pakistan.
- The enterprise value of the partnership at USD 562.7 million raises questions about the valuation and financial health of VEON's investments in the region, potentially signaling financial vulnerabilities.
- Regulatory approvals for the partnership were obtained only in May 2025, suggesting potential delays or challenges in the approval process that could impact future projects.
FAQ
What is the recent partnership announced by VEON Ltd.?
VEON Ltd. has partnered with Engro Corporation Limited for the pooling and management of telecommunications infrastructure assets in Pakistan.
How will this partnership impact Jazz's services in Pakistan?
Jazz will continue to lease Deodar’s infrastructure to provide nationwide mobile voice and data services, enhancing its digital portfolio.
What is the value of the partnership deal between VEON and Engro Corp?
The partnership was completed at an enterprise value of USD 562.7 million.
When was the partnership between VEON and Engro Corp announced?
The partnership was originally announced on December 5, 2024, and obtained regulatory approvals in May 2025.
What are VEON's key areas of service in Pakistan?
VEON aims to offer services in financial services, entertainment, healthcare, and enterprise solutions through its digital operator Jazz.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$VEON Hedge Fund Activity
We have seen 29 institutional investors add shares of $VEON stock to their portfolio, and 26 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- HELIKON INVESTMENTS LTD removed 489,307 shares (-16.7%) from their portfolio in Q1 2025, for an estimated $21,338,678
- DIAMETER CAPITAL PARTNERS LP removed 463,279 shares (-73.8%) from their portfolio in Q1 2025, for an estimated $20,203,597
- CITIGROUP INC removed 279,508 shares (-92.0%) from their portfolio in Q1 2025, for an estimated $12,189,343
- LINGOTTO INVESTMENT MANAGEMENT LLP added 146,569 shares (+2.6%) to their portfolio in Q1 2025, for an estimated $6,391,874
- CIBC WORLD MARKET INC. added 120,270 shares (+inf%) to their portfolio in Q1 2025, for an estimated $5,244,974
- WELLINGTON MANAGEMENT GROUP LLP added 117,945 shares (+22.3%) to their portfolio in Q1 2025, for an estimated $5,143,581
- MORGAN STANLEY added 116,923 shares (+41.5%) to their portfolio in Q1 2025, for an estimated $5,099,012
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Islamabad and Dubai, June 3, 2025:
VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or “the Company”), announces that it has successfully closed the partnership for the pooling and management of telecommunications infrastructure assets in Pakistan with Engro Corporation Limited (“Engro Corp”).
VEON’s infrastructure assets housed under Deodar (Private) Limited have now vested into Engro Connect, a subsidiary of Engro Corp. VEON’s digital operator Jazz will continue to lease Deodar’s extensive infrastructure for the provision of nationwide mobile voice and data services under a long-term partnership agreement.
"Completion of this partnership marks another milestone in the execution of our asset-light strategy. Thanks to the visionary approach of Pakistani authorities, which enabled the successful completion of this partnership, Jazz can now further accelerate its transformation into a services company, with a connectivity-powered digital portfolio spanning financial services, entertainment, healthcare, and enterprise services for both consumers and businesses. We look forward to a fruitful partnership with Engro Corp and to contributing to our shared mission of strengthening Pakistan’s digital economy,”
said Kaan Terzioglu, VEON Group CEO and Chairman of Jazz Board.
The scheme of arrangement was completed at an enterprise value of USD 562.7 million. The partnership, which was originally announced on December 5, 2024, obtained regulatory approvals in May 2025.
About VEON
VEON is a Nasdaq-listed digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. For more information visit:
www.veon.com
.
About Jazz
Jazz is Pakistan’s leading digital operator with over 71.5 million cellular subscribers and 73 million MAUs of digital services as of Q4 2024. Jazz offers the most extensive portfolio of digital services in Pakistan, including JazzCash, the country’s leading fintech; Garaj, the largest onshore cloud and cybersecurity platform; and Tamasha, Pakistan’s largest homegrown OTT video streaming and entertainment platform.
About Engro Corporation Limited
Engro Corporation is a diversified Pakistani conglomerate that strives to solve pressing issues through its portfolio of businesses. It has developed businesses across the verticals of energy and related infrastructure, petrochemicals, food and agriculture, telecommunication infrastructure, and international trading, over a period of 50+ years. Many of these pioneering businesses have been established in collaboration with global partners including IFC, Royal Vopak, Royal FrieslandCampina, CMEC and others. To learn more about Engro Corporation, please visit
www.engrocorporation.com
.
Disclaimer
This release contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON’s investment plans, digital products, business plans and commercial partnerships. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.
VEON
Hande Asik
Group Director of Communications
pr@veon.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
