KARACHI – Jazz International Holding Limited has completed its acquisition of TPL Insurance Limited, formally taking control of the company after acquiring a 76.33% stake.
In a notice submitted to the Pakistan Stock Exchange (PSX) on Tuesday, TPL Insurance confirmed that the transaction was finalised on July 13, 2026.
The company said the acquisition was completed under the Share Purchase Agreement signed between Jazz International Holding Limited and TPL Corp Limited, along with the mandatory tender offer carried out under applicable regulations.
Following the completion of the deal, the relevant shares have been transferred to Jazz International Holding Limited, making it the majority shareholder and giving it control of the insurer.
TPL Insurance described the acquisition as a major milestone that marks the beginning of a new phase for the company. It said joining the Jazz and VEON ecosystem is expected to strengthen its digital capabilities, expand its distribution network and accelerate the rollout of technology-driven insurance products across Pakistan.
VEON Group Chief Executive Officer and Chairman of the JazzWorld Board, Kaan Terzioglu, said the acquisition supports the company’s strategy of building integrated digital ecosystems by adding insurance services to its growing digital financial platform.
JazzWorld Chief Executive Officer Aamir Ibrahim said the acquisition would help expand access to affordable insurance products by combining TPL Insurance’s expertise with Jazz’s digital reach and customer network. He noted that Pakistan remains one of the least insured countries in the region, with insurance penetration below one percent of GDP.
TPL Corp Chief Executive Officer Ali Jameel said the company had been established with the goal of making insurance more accessible through technology and expressed confidence that the new partnership would help further that vision.
The acquisition is part of a transaction that began after VEON announced its intention to acquire control of TPL Insurance in September 2025. Jazz International Holding Limited was later named the acquiring entity, replacing VEON Group Holding Company Ltd. In March 2026, TPL Corp signed the share purchase agreement with Jazz International for the sale of its controlling stake, valued at approximately Rs4.15 billion.
The acquisition received regulatory approvals from the Securities and Exchange Commission of Pakistan (SECP) in February 2026 and the Competition Commission of Pakistan (CCP) in April 2026 after the authorities concluded that the transaction would not significantly reduce competition in the market.
