PTCL Acquires Telenor for Rs 108 billion

ISLAMABAD – Pakistan Telecommunication Company Ltd has made an agreement with the shareholders of the major Telecom firm Telenor to purchase 100% of the company based on its current market value of Rs 108 billion.

PTCL will file the deal on a debt and cash free basis ensuring smooth financial transactions among the shareholders and PTCL according to the PTCL’s reports on the last PSX on Thursday.

Telenor is one of the oldest and leading telecom companies serving Pakistan for decades. The firm has an estimated subscribers of almost 45 million and raises a healthy revenue of almost Rs 112 billion per year. The revenue of Telenor is based on the last 12 months according to financial reports of Telenor for the month of December 2023.

PTCL already has Ufone which is one of the largest Telecom companies bearing millions of subscribers as well.

Telenor Group stated in a press conference that the sale of Telenor is part of a broad mission to make PTCL as a market-leading player in Asia. Telenor Group also has several market-leading operations across Asia with Grameenphone in Bangladesh.

They also have a leading Telecom operator in Malaysia with the name CelcomDigi. The group also has another Operator by the name of True Corporation in Thailand.

All operators fall under the umbrella of the Telenor Group and have a combined customers of approximately 160 million.

Chief Executive Officer of Telenor Group, Sigve Bekke stated that we have decided to sell Telenor Pakistan after 18 successful years in the country.

He stated that we are proud of the company Telenor Pakistan has become today and the decision to sell the company will be fruitful for the company’s telecom company PTCL which is the biggest ICT company in Pakistan.

Peter Borre Furberg stated that they carefully monitored and reviewed all options and decided that the market would be much better served with a local champion.

The Head of Asia Telenor Group, Peter Borre also stated that their main mission in Asia is to be the leading company and hold market-leading positions. He said Telenor Pakistan will continue to provide top-class services to its 40 million customers.

He further thanked the Telenor Team in Pakistan for making the company as great as it is today. The decision has been finalised and the deal will formally take place in 2024.