ASTANA – Kazakh national telecom operator Kazakhtelecom has completed a deal with a Qatari-based Power International Holding (PIH) to sell a 100% stake in Mobile Telecom-Service LLP (MTS).

In February last year in Doha, Kazakhtelecom, PIH and the Samruk Kazyna Sovereign Wealth Fund signed an initial agreement, and a final agreement on the sale of the mobile operator in June, reported Kazakhtelecom’s press service on Jan. 14.

MTS, known for its Altel and Tele2 brands, is a leading provider of high-speed 5G communications in Kazakhstan. Founded in 2004, the company has nearly 2,000 employees and operates more than 140 retail stores. The operator offers a wide range of telecommunications and digital services, occupying a key position in the telecom sector of Kazakhstan.

“This deal is an important stage in the strategic evolution of MTS, which opens up opportunities for the company to further grow and create additional value. I am confident that such a reputable international strategic investor as Power International Holding will make every effort for the development and prosperity of both MTS and the entire mobile telecommunications industry of Kazakhstan, introducing innovations, high service standards, increasing competition and setting new benchmarks. I am proud of the work done by the MTS team and I am pleased to pass the baton to PIH to strengthen the company’s position, supporting the digital transformation of Kazakhstan,” said Kazakhtelecom Chair Bagdat Mussin.

With a population of 20.2 million people and high levels of mobile and internet penetration, Kazakhstan’s telecommunications industry is demonstrating sustainable growth, driven by growing consumer demand for improved communication services and digital technologies.