Pakistan Telecommunication Company Limited (PTCL) is set to acquire all shares of Telenor Pakistan for Rs108 billion ($380 million), financed through borrowed funds. PTCL, valued at Rs49 billion ($173 million), is a key ICT player in Pakistan, offering voice and high-speed internet services. With 62% government ownership and 26% by UAE’s Etisalat, PTCL aims to merge with Ufone and Telenor, fostering shared infrastructure benefits.
Telenor Pakistan, a major mobile operator with 45 million customers and Rs112 billion in revenue, is being sold by Telenor Group for NOK 5.3 billion. The deal, pending regulatory approval, aligns with Telenor Group’s strategy to concentrate on larger Asian operations. The acquisition is expected to enhance Pakistan’s telecom industry, fostering growth opportunities.
PTCL anticipates an annual interest payment of around Rs19 billion for the borrowed funds. Despite the change in ownership, Telenor Pakistan will continue normal operations, maintaining its focus on serving its substantial customer base. The deal, slated for completion in 2024, reflects Telenor Group’s belief in strengthening the Pakistani telecom sector and creating a conducive environment for further development.
