Power International Holding Completes Acquisition of Mobile Telecom-Service LLP in Kazakhstan

Power International Holding (PIH) has made a significant move in the telecommunications sector with the completion of its acquisition of Mobile Telecom-Service LLP (MTS) in Kazakhstan. The Qatari-based conglomerate finalized the deal to acquire a 100% participatory interest in MTS from Kazakhtelecom JSC, marking a major milestone in its strategic growth.

MTS, known for its leading brands Altel and Tele2, is a key player in Kazakhstan’s telecommunications landscape, offering ultrafast 5G connectivity and a wide range of digital services. With around 2,000 employees and over 140 retail stores, MTS has established itself as a cornerstone in the country’s telecom industry.

The acquisition was financed by Citi and QNB as Coordinators, Bookrunners, and Mandated Lead Arrangers, with support from other financial institutions. Mr. Ramez AlKhayyat, President of Power International Holding, expressed the company’s commitment to enhancing the digital experience in Kazakhstan and driving the country’s digital transformation through innovative solutions.

QNB Group, the largest financial institution in the Middle East and Africa, played a vital role in facilitating the acquisition, highlighting its commitment to supporting key investments in the telecommunications sector. The successful completion of the deal reflects strong confidence in PIH’s strategic vision and long-term potential.

The acquisition marks PIH’s expansion into Kazakhstan’s rapidly growing telecommunications sector, aligning with the company’s goal to diversify its investment streams. With a focus on deploying 5G technology and improving service quality, PIH aims to meet the evolving needs of Kazakhstan’s population and contribute to the country’s economic development.

Overall, the acquisition of MTS by Power International Holding signifies a significant step forward in the company’s strategic growth initiatives and underscores its commitment to driving innovation and delivering sustainable value in the global telecommunications market.
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