After 18 Years, Telenor Pakistan has been Acquired by PTCL.

Pakistan Telecommunication Company Limited (PTCL) is buying all the shares of Telenor Pakistan for Rs108 billion ($380 million), using borrowed money. PTCL, which is valued at Rs49 billion ($173 million), is a big player in Pakistan’s internet and phone services. With 62% owned by the government and 26% by UAE’s Etisalat, PTCL plans to join forces with Ufone and Telenor to share resources.

Telenor Pakistan, a major mobile company with 45 million customers and Rs112 billion in revenue, is being sold by Telenor Group for NOK 5.3 billion. Pending approval from regulators, this move fits Telenor Group’s plan to focus on its bigger Asian operations. The purchase is expected to help Pakistan’s telecom industry grow.

PTCL expects to pay about Rs19 billion in interest each year for the borrowed money. Even though ownership is changing, Telenor Pakistan will keep working as usual, making sure to serve its many customers. The deal should be finished in 2024 and shows Telenor Group’s belief in making Pakistan’s telecom sector stronger for further growth.

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