PTCL announces strategic acquisition of Telenor Pakistan

Pakistan Telecommunication Company Limited (PTCL), the listed operating company in Pakistan under e&, has formally inked a binding agreement with Telenor ASA (Telenor) for the acquisition of a 100% stake in Telenor Pakistan (Pvt) Ltd (Telenor Pakistan). The enterprise value for this transformative deal stands at PKR 108bn ($0.38bn), structured on a cash-free, debt-free basis.

The strategic acquisition marks the convergence of PTCL and Telenor Pakistan, combining their strengths and expertise to generate synergies that will fuel innovation, strengthen market positions, and broaden their customer reach. This collaboration is expected to accelerate the digital transformation journey of both entities, furthering e&’s strategic growth and market expansion in the region. The move solidifies e&’s standing as a key player in Pakistan’s telecommunications industry.

Commenting on the deal, Hatem Dowidar, Group CEO of e&, said: “The strategic acquisition of Telenor Pakistan presents a significant opportunity for market consolidation, empowering us to invest more in creating the best next-generation network in Pakistan. This move reinforces our commitment to the progress of the country’s telecom sector, delivering added value to our customers and shareholders. In shaping a telecom legacy where innovation and connectivity merge to explore future opportunities, we aim to accelerate digital transformation to better serve our customers and community.”

Hatem Bamatraf, President and Group CEO, PTCL & Ufone 4G, added: “We are confident that the strategic synergies created by combining forces with Telenor Pakistan will result in enhanced value for our customers and stakeholders, as they are the ultimate beneficiaries of this transaction. Both PTCL and Telenor possess strong and talented teams dedicated to developing a culture of delivery and teamwork by adopting the best of both companies. The merged entity will serve as a best-in-class provider across all domains, offering better coverage, seamless data experience, massive reach and a wide range of products and services for customers.”

Hassan Nasir Jamy, Chairman PTCL Board, stated: “PTCL Group has played a pivotal role in connecting the people of Pakistan. This commitment further solidifies our resolve to build a prosperous and digitally connected nation and to be the national champion to support Pakistan’s digital transformation. This agreement will go a long way in ensuring that we provide our customers with the most efficient and technologically advanced solutions.”