Doha, Qatar – 20 Jan 2025 – 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, Book-runners, 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 Al Khayyat 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 telecommunication and digital sector, in several countries of the world.”
