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VEON Ltd. (Nasdaq: VEON) said the Competition Commission of Pakistan (CCP) has authorized the acquisition of TPL Insurance Limited (TPL Insurance) by its subsidiary Jazz International Holding Limited (JIH). The clearance follows a Phase-I competition assessment that found no competitive concerns and allows the parties to move toward closing the transaction in mid-2026.
VEON said the CCP’s authorization enables JIH to proceed toward closing after the Phase-I review. The companies announced the acquisition on March 6, 2026, and the transaction remains subject to customary closing conditions.
VEON described TPL Insurance as a digital-first insurer in Pakistan, with an AA credit rating by the Pakistan Credit Rating Agency, a general insurer license, and a fully digital operating model designed for scale.
As of December 31, 2025, TPL Insurance reported gross written premium of PKR 5.7 billion and issued more than 277,000 policies. Under the announced acquisition, JIH will acquire a controlling stake in TPL Insurance for approximately PKR 4.15 billion (USD 14.6 million).
Aamir Ibrahim, Chief Executive Officer of JazzWorld, said acquiring TPL Insurance would bring insurance into the digital mainstream for millions of Pakistanis. He added that Pakistan remains under-insured and that integrating TPL Insurance into JazzWorld’s digital ecosystem—alongside JazzCash and Mobilink Bank—could help make financial protection more accessible and affordable at scale.
VEON also cited the scale of JazzWorld’s digital platforms in Pakistan. As of the end of 2025, JazzWorld’s digital platforms served over 82 million users. It said direct digital revenues represented approximately 28.7% of total revenues and were growing 38.8% year-on-year for FY2025.
VEON stated that JazzCash processed USD 53 billion in transaction value in 2025, equivalent to 13% of Pakistan’s GDP. It said the digital financial services platform serves a customer base of 58 million and recently onboarded its 1 millionth Raast QR-enabled merchant. VEON said adding a licensed, fully digital insurer would expand JazzWorld’s ability to provide digital services across its ecosystem.
VEON said the transaction is expected to close in mid-2026, subject to customary closing conditions.
VEON is a digital operator providing connectivity and digital services over 150 million connectivity and more than 205 million digital users. The company operates across five countries and is listed on NASDAQ.
JazzWorld is Pakistan’s ServiceCo and integrated digital services company, serving nearly 74 million connectivity customers and 82 million users across its digital platforms, including FinTech (JazzCash), banking (Mobilink Bank), entertainment (Tamasha), digital self-care (SIMOSA), InsurTech (FikrFree), enterprise cloud solutions (Garaj), and gaming (GameNow).
This release includes forward-looking statements related to the closing of JIH’s acquisition of TPL Insurance and the integration of TPL Insurance into JazzWorld’s digital portfolio. VEON said there are risks and uncertainties that could cause actual results to differ materially from those expressed, including risks related to closing and integration, as discussed in VEON’s 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings.
VEON said the forward-looking statements speak only as of the date of the release and that it disclaims any obligation to update them except as required by law.
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