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Wednesday, 18 September 2019

GTH approves Veon’s offer to acquire $2.3 bln assets

Doaa A.Moneim , Monday 19 Aug 2019
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Global Telecom Holding’s (GTH) board of directors has approved Veon’s offer to acquire all of GTH’s operating assets for $2.3 billion, according to GTH’s bourse filing.

Veon will acquire the company’s stakes in Jazz, Bangalink, Djezzy (including MedCable), and Mobilink Bank for PKR 313.3 billion, BDT 24.9 billion, DZD 70.2 billion, and PKR 14.7 billion respectively.

The board also postponed the shareholders’ meeting to discuss the transaction to 9 September instead of 27 August.

The Financial Regulatory Authority approved in June Veon’s mandatory tender offer (MTO) to acquire 1.99 billion shares in GTH, equivalent to a 42.3 percent stake in the company.

The MTO closed earlier this month, leaving Veon with around 98 percent of GTH’s total outstanding equity.

Plans for the MTO were a long time in the making, having suffered delays due to a long-running tax dispute between GTH and the government. The dispute was eventually resolved in June, and the Financial Regulatory Authority (FRA) subsequently approved the MTO at EGP 5.08 per share, down from EGP 5.30 per share formerly.

In July, GTH shareholders completed the sale of 37 percent of the company's shares in a mandatory tender offer (MTO) launched by majority shareholder Veon to acquire 42.3 percent of the company.

Shareholders offered to sell the 753 million shares when the MTO kicked off on 2 July, a few days after GTH reached a dispute settlement with Egypt’s Tax Authority.

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