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VEON terminates purchase of Global Telecom assets in Pakistan, Bangladesh

VEON Ltd. terminated its proposed $2.55 billion acquisition of Global Telecom Holding SAE's assets in Pakistan and Bangladesh.

The move follows recent events regarding the Pakistani rupee, as well as the supposedly forthcoming disapproval of the deal from Global Telecom's minority shareholders, the Netherlands-based telecom and technology company said Oct. 11.

VEON earlier warned that it may withdraw the offer anytime, after Global Telecom announced that the deal may not meet the required 66.67% approval vote from the shareholders.

VEON is supposedly eyeing the purchase of Pakistan's Jazz and Bangladesh's Banglalink Digital Communications Ltd. The former have taken on debt held by the GTH group worth about $1.6 billion, with the remaining amount of about $950 million to be paid in cash and a deferred consideration.

In September, VEON also terminated the sale of Jazz's tower business to Tanzanite Tower Ltd. after the deal failed to secure all necessary regulatory approvals.