Veon offers to acquire assets in Banglalink

Veon, formerly known as Vimpelcom, has offered to buy Global Telecom Holding's assets in Banglalink, the third largest telecom operator in Bangladesh, reports bdnews24.com.

In a statement on Tuesday, Veon said it also offered to acquire Global Telecom Holding's assets in Pakistan's Jazz.

The combined offer has been valued at $2.55 billion in cash, deferred considerations and assumed debt.

The deal will allow Veon to have direct control over Banglalink. Banglalink is a fully-owned company of Telecom Ventures, a unit of Global Telecom Holding or GTH. Veon owns 51.9 per cent of GTH.

The deal means Veon will increase its exposure to faster-growing South Asian markets as it exits Western Europe.

The transaction is expected to be complete in the fourth quarter of 2018, according to the statement.

Veon said it is aiming to simplify its corporate structure and increase its focus on emerging markets.