Pakistan Telecommunication Company Limited (PTCL) has reportedly completed the acquisition of 100 percent of Telenor Pakistan, according to reliable sources. An official announcement is expected soon through a stock filing, with both companies issuing statements shortly thereafter.
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The PTCL Group had engaged in prolonged discussions with the Norwegian operator regarding the acquisition of its Pakistani arm. Following deliberations and obtaining necessary regulatory approvals, an official announcement is imminent within the next few hours. Key figures, including the CEO of Telenor Intl, are anticipated to provide additional details about the transaction in press statements.
The confirmed details indicate a comprehensive 100 percent acquisition, resulting in the discontinuation of Telenor Pakistan after the transition period, estimated to last between 12 to 24 months. The combined operations and customer base of Ufone and Telenor Pakistan are poised to emerge as the largest cellular operations in Pakistan.
This development follows PTCL’s expressed interest in making a substantial investment in the country’s telecom sector. In August 2023, the PTCL Board of Directors initially authorized a non-binding offer to the target company, as disclosed in a filing with the Pakistan Stock Exchange. Today, PTCL has progressed to a binding offer to acquire Telenor Pakistan.
Telenor Group, operating telecom businesses across nine markets in Europe and Asia, is strategically shifting its focus to European markets, having recently merged its operations in Thailand. The acquisition marks a significant move in the evolution of Pakistan’s telecom landscape.
