Qatari Investor to Acquire Tele2 and ALTEL for $1 Billion
Power International Holding, a Qatari conglomerate, will purchase Mobile-Telecom Service for $1 billion, as announced by Zhaslan Madiev, the Minister of Digital Development, Innovation, and Aerospace Industry.
Minister Madiev highlighted the significance of the new Qatari investment, noting its potential to attract further investors and enhance competition within the mobile operator market. “The transaction is valued at approximately $1 billion,” the minister stated during a government briefing.
In addition to the acquisition, Power International Holding plans to invest around 300 billion tenge in infrastructure. This investment includes commitments to build and install 5G base stations, which Madiev believes will boost competition and subsequently improve service quality.
Earlier reports from January 2024 indicated that Kazakhtelecom intended to sell Mobile Telecom-Service, which operates under the Tele2 and ALTEL brands, within the year. This decision was documented in a draft government resolution concerning privatization plans for 2021-2025. The resolution, dated January 20, 2024, was approved during a meeting of the State Commission on Economic Modernization.
