CCP approves Jazz International Holding takeover of TPL Insurance stake

KARACHI: The Competition Commission of Pakistan (CCP) has approved Jazz International Holding Ltd’s acquisition of a controlling stake in TPL Insurance Ltd, clearing the deal after an initial review.

The CCP said the transaction, structured through a share purchase agreement, involves TPL Corp Ltd first acquiring a portion of shares from Germany’s Deutsche Investitions- und Entwicklungsgesellschaft (DEG) before transferring them to Jazz International via a mandatory tender offer.

Jazz International, a UAE-incorporated subsidiary of VEON Ltd, operates in telecommunications and digital services, while TPL Insurance is a listed non-life insurer offering conventional and takaful products in Pakistan.

The regulator assessed the deal under its merger control framework and defined the relevant market as Pakistan’s non-life insurance sector. It concluded the transaction is a conglomerate merger with no horizontal or vertical overlap between the parties’ core businesses.The CCP said the acquisition is unlikely to create or strengthen a dominant position or materially reduce competition, and approved the deal under applicable laws.