VimpelCom-owned Mobilink entered into an agreement in November to acquire 100% of Warid’s shares. In return the Dhabi Group shareholders have acquired 15% of the shares of Mobilink.
Over 50 million customers in Pakistan are said to benefit from high-speed mobile telecoms and digital mobile network, according to VimpelCom.
“The combined Mobilink and Warid entity will be the leading telecommunications provider of 2G, 3G and LTE services in Pakistan, providing higher quality national voice and data coverage, faster downloads, and a wider portfolio of products and services,” said VimpelCom CEO Jean-Yves Charlier.
“VimpelCom continues to make significant progress against its transformation program. This market consolidation represents a further step in our strategy to strengthen our position in the markets in which we operate,” he added.
The merged entity is said to benefit from VimpelCom’s $1 billion IT transformation project announced last month.
"Through this, Pakistan's digital development will be elevated to the next level, further reducing the digital divide," said VimpelCom.
Mobilink CEO Jeffrey Hedberg has resigned with immediate effect and Aamir Ibrahim who presently serves as CMO and deputy CEO of Mobilink will take his place.
"I have worked closely with Aamir and the team over the last two years and as I hand over the baton, I have full confidence that Mobilink and Warid will grow from strength to strength," said Hedberg.
