In a major development for Pakistan’s corporate and insurance landscape, TPL Corp Limited (PSX: TPL) has granted final board approval for Jazz International Holding Limited to acquire a controlling stake in TPL Insurance Limited, its insurance subsidiary.
The approval was issued during a Board of Directors meeting held at 11:00 a.m. on December 17, 2025, marking a decisive step forward in a transaction that has been unfolding over several months.
From In-Principle Approval to Final Sign-Off
The transaction traces back to September 2025, when TPL Corp had granted in-principle approval for the sale and disclosed the development to the Pakistan Stock Exchange (PSX). With the latest decision, the board has now formally approved the Share Purchase Agreement with Jazz International Holding Limited, moving the deal into its execution phase.
According to the company’s latest filing with the PSX, Jazz International Holding Limited has now emerged as the confirmed acquiring entity, following a formal amendment to the transaction structure.
Jazz Replaces VEON as Final Acquirer
A key shift in the deal structure took place this week. Arif Habib Limited, acting as Manager to the Offer, submitted an official addendum on behalf of Jazz International Holding Limited, replacing VEON Group Holding Company Ltd and its affiliates as the acquiring party.
Under the revised arrangement, the acquisition will be carried out by Jazz International Holding Limited in concert with Pakistan Mobile Communications Limited, further strengthening Jazz’s position as a diversified digital and financial services player in Pakistan.
The addendum was scheduled to be published in leading newspapers in line with regulatory disclosure requirements.
Regulatory Disclosures Completed
While VEON Group Holding Company Ltd was initially named as the prospective buyer in September, Arif Habib Limited issued the final acquirer declaration on December 16, 2025, confirming Jazz International Holding Limited as the definitive purchaser.
TPL Corp has assured shareholders that further disclosures will be made as the transaction progresses toward completion, ensuring transparency throughout the regulatory and execution process.
Market Reaction: TPL Shares Edge Higher
Following the announcement, TPL Corp’s share price reflected a positive market response. At the time of reporting, TPL shares were trading at Rs. 11.94, up Rs. 0.19 or 1.62% on the Pakistan Stock Exchange.
The acquisition is widely seen as a strategic move that could accelerate digital insurance innovation, leveraging Jazz’s scale and ecosystem alongside TPL Insurance’s existing footprint.
Why This Deal Matters
The Jazz-TPL Insurance transaction highlights:
• Growing convergence of telecom, fintech, and insurance in Pakistan
• Rising interest of large digital platforms in insurance and financial services
• Continued M&A activity in Pakistan’s corporate sector despite macroeconomic challenges
As Jazz deepens its presence beyond telecom into financial services, this acquisition could redefine how insurance products are distributed and consumed in Pakistan.