The Competition Commission of Pakistan (CCP) has granted approval for Jazz International Holding Limited to acquire TPL Insurance Limited from TPL Corp Limited, following completion of its Phase-I merger review.

Under the proposed transaction, Jazz will obtain a controlling stake in TPL Insurance Limited through a share purchase agreement. Prior to the final transfer, TPL Corp Limited will acquire shares from Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a German development finance institution, which will then be passed on to Jazz through a mandatory tender offer.

Jazz International Holding Limited, a UAE-incorporated subsidiary of VEON, operates in the telecommunications and digital services sectors. TPL Insurance Limited is a listed Pakistani company engaged in the non-life insurance business, offering both conventional and takaful solutions.

The CCP assessed the transaction under the Competition Act and the Competition (Merger Control) Regulations, 2016, as part of its Phase-I review process.

The authority defined the relevant market as Pakistan’s non-life insurance industry. After evaluation, it concluded that the deal is a conglomerate merger, as there is no horizontal or vertical overlap between the operations of the two companies.

The Commission further determined that the acquisition is unlikely to create or strengthen a dominant market position or reduce competition in any meaningful way.

Following its assessment, the CCP approved the transaction under applicable legal provisions.