Power International Holding Acquires Mobile Telecom-Service from Kazakhtelecom

Power International Holding (PIH), a globally recognized Qatari conglomerate, has concluded the acquisition of a 100% stake in Mobile Telecom-Service LLP (MTS) from Kazakhtelecom JSC. This deal marks a significant expansion of PIH's telecommunications operations into Kazakhstan, a strategic move aligned with its growth objectives. Mobile Telecom-Service LLP, known for its flagship brands Altel and Tele2, stands out as Kazakhstan's leading provider of rapid 5G connectivity with 2,000 employees and more than 140 retail outlets. Key financiers of this acquisition, Citi and QNB Group, played instrumental roles in the execution of the transaction. The acquisition financing syndicate included major institutions such as Halyk Bank JSC, ICBC Standard Bank Plc, Bank of Bahrain and Kuwait B.S.C, and Commercial Bank International PJSC. Ramez AlKhayyat, Chair of PIH, emphasized that the acquisition is core to PIH's strategy of contributing to telecommunications sector advances and driving digital transformation in the Central Asian region. QNB's CEO, Abdulla Mubarak Al-Khalifa, pointed to the deal as evidence of QNB's commitment to facilitating critical investments to promote economic development through improved connectivity. The transaction highlights PIH's ambition to diversify its investment streams globally, reinforcing its stature in the telecommunications industry.