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PTCL Secures Landmark Acquisition of Telenor Pakistan in Telecom Sector Consolidation

  • December 14, 2023
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PTCL Secures Landmark Acquisition of Telenor Pakistan in Telecom Sector Consolidation

Date : 14 Dec 2023

Category; CellCos 

In a significant move to consolidate the telecom sector, Pakistan Telecommunication Company Limited (PTCL) has finalized a Share Purchase Agreement (SPA) to acquire 100% shares of Telenor Pakistan (Private) Limited (TPL) for Rs108 billion ($385 million). The announcement, made in a notice to the Pakistan Stock Exchange, concludes the speculation surrounding Telenor Pakistan’s future in the country.

Following the Board of Directors’ authorization, PTCL entered into the SPA with Telenor Pakistan’s shareholders for the acquisition, based on an Enterprise Value of Rs108 billion on a cash-free, debt-free basis. The transaction, to be financed by external debt, aims to enhance the capabilities of both entities, resulting in improved service coverage and quality for customers.

Telenor Pakistan, serving nearly 45 million subscribers, with reported revenue of Rs112 billion, will continue its operations. The acquisition is expected to foster in-market consolidation in the telecom sector, promising an improved long-term outlook and contributing to Pakistan’s digital transformation.

The combined infrastructure assets of PTCL and Telenor Pakistan are anticipated to unlock synergies and strengthen PTCL Group’s position as a leading operator in mobile, fixed, and micro-financing, serving over 70 million customers upon completion of the transaction. The deal is subject to regulatory approvals and is expected to be completed in 2024.

In a separate statement, Telenor Group valued the transaction at NOK 5.3 billion, emphasizing the sale as a strategic move to strengthen Pakistan’s telecom sector. Telenor Pakistan will continue business as usual during the transition, and the transaction is subject to regulatory approvals and customary conditions. The completion is anticipated in 2024.

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