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Publish Date : 10-Dec-2013

Abu Dhabi Group, the majority shareholder of Wateen Telecom and New Silk Route Private Equity Asia Fund, the ultimate majority shareholder of Qubee will merge their wireless broadband businesses in Pakistan in addition to making an extra investment of $25 million in the country.

With the formation of a new business, Wateen and Qubee will re-energize the wireless broadband market with planned investments of more than $25 million for the improvement and expansion in coverage of the combined network of both companies. The business formation will be completed within the first half of year 2014. The new business will also make investments available to introduce innovative value added services and devices to improve broadband penetration in Pakistan.

As per the deal, Wateen and Qubee will create the second largest broadband service provider in Pakistan, with over 200,000 subscribers. The network upgrade will make it a high speed broadband network with the phased upgrade to 4G LTE (Long Term Evolution) technology contributing to a broadband revolution in Pakistan and improving its position in the new digital economy.

Naeem Zamindar, CEO of Wateen Telecom, said that his company is confident that the formation of the new broadband business will lead in a new era of collaboration for the broadband industry and leap-frog the challenges to provide access to high-speed 4G data, seamless connectivity and cutting edge digital services for the people of Pakistan.

Jamal Nasir Khan, CEO of Augere's business in Pakistan, said that his company is delighted to announce the formation of this new stronger broadband business in Pakistan. He said the combined business can better serve customers by providing high capacity affordable broadband connections which will drive up penetration in Pakistan, allowing an ever larger number of people to join the digital community with superfast access to the internet.

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