Pakistan Telecommunication Company Limited (PTCL) has signed an agreement to acquire a 100% stake in Telenor Pakistan for $495 million. The acquisition will make PTCL the largest cellular operator in Pakistan, surpassing Jazz’s over 15-year leadership position.
The deal values Telenor Pakistan at $495 million on a debt and cash-free basis. This includes repayment of $325 million in intercompany loans and reduced interest-bearing liabilities of $167 million. The acquisition will be financed by external sources and recorded as debt by PTCL.
The acquisition presents a lot of opportunities for market consolidation and will strengthen Pakistan’s telecom sector. PTCL will be able to invest more in next-generation networks to better serve customers.
The combined operations and customer base of Ufone and Telenor Pakistan will create the country’s largest cellular operator. This will ultimately benefit consumers through enhanced coverage, seamless data experience, wider reach, and diverse products and services.
The share purchase agreement has been signed between the two companies. However, completion of the acquisition remains subject to customary regulatory approvals and closing conditions.
PTCL has expressed commitment to ensure minimal disruption for employees, customers, and stakeholders during the transition process.
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