PIH snapped up MTS from state operator Kazakhtelecom JSC, following an initial agreement signed last February between PIH, Kazakhtelecom, and the sovereign wealth fund Samruk- Kazyna.

MTS, known for its Altel and Tele2 brands, is one of the largest providers of ultrafast 5G connectivity in Kazakhstan. It employes around 2,000 staff and operators more than 140 retail stores.

With Kazakhstan’s population of 20.2 million and high penetration rates of both mobile and internet usage, PIH said MTS’ range of services makes it a “cornerstone” of the country’s telecom landscape.

Ramez AlKhayyat, president of PIH, said: “Through this acquisition, we aim to significantly contribute to the development of the telecommunications and technology sectors, offering innovative solutions that will enhance the digital experience in Kazakhstan and empower the digital transformation of the country.”

Abdulla Mubarak Al-Khalifa, CEO of QNB Group, which played a vital role in closing the deal, said: “We believe that this acquisition will enhance connectivity and drive economic development, aligning with our vision of empowering businesses.”

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