BREAKING NEWS: PTCL Acquires Telenor Pakistan in Landmark Telecom Deal

Web DeskDecember 14, 2023
BREAKING NEWS: PTCL Acquires Telenor Pakistan in Landmark Telecom Deal

In a monumental move shaking up Pakistan’s telecom landscape, the Pakistan Telecommunication Company Limited (PTCL) has officially secured complete ownership of Telenor Pakistan!

Valued at a staggering Rs. 108 Billion, this acquisition revealed through recent stock filings, signifies a game-changing shift. Telenor Pakistan’s total evaluation now stands at an impressive $495 million, including various financial arrangements and liabilities.

PTCL and Telenor Pakistan inked a Share Purchase Agreement, sealing the deal that promises to redefine the country’s telecom sector. External funding, predominantly in the form of debt, will fuel this historic acquisition.

This strategic move follows extensive discussions between PTCL Group and the Norwegian operator, culminating in a groundbreaking agreement. PTCL’s expressed interest in significant telecom investments in Pakistan earlier this year set the stage for this grand acquisition.

With the merger of Ufone and Telenor Pakistan, Pakistan’s telecom landscape is set to witness a seismic shift. This amalgamation will birth the country’s largest cellular operator, poised to eclipse Jazz, reigning at the helm for over 15 years.

Top leadership voices, including Hatem Bamatraf, President and Group CEO of PTCL & PTML, and Hatem Dowidar, Group CEO of e&, have expressed confidence and highlighted the potential of this acquisition to unlock new avenues for customer value and market consolidation.

Regulatory nods and standard closing procedures are pending, emphasizing PTCL’s commitment to ensuring a smooth transition for employees, customers, and all stakeholders involved.

Stay tuned for further updates on this groundbreaking telecom deal that’s set to redefine Pakistan’s digital future!

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