Pakistan Telecommunication Company Limited (“PTCL”), part of e& Group, today announced that it has signed a Share Purchase Agreement with Telenor Pakistan B.V. (Telenor) to acquire a 100% stake in Telenor Pakistan (Pvt) Ltd (Telenor Pakistan) based on an Enterprise Value of PKR 108 Billion on a cash free, debt free basis.
The acquisition brings together the strengths and expertise of both PTCL Group and Telenor Pakistan, creating synergies that will drive innovation and bolster our market, allowing us to reach a broader customer base and accelerate digital transformation journey.
The milestone will add to PTCL’s strategic growth and market expansion, solidifying its position as a key player. Our combined strength will revolutionize the telecom industry in Pakistan.
“It [sale] concludes the strategic review of the telco operations in Pakistan, which was announced in July 2022,” Telenor Group said in a statement.
“The transaction values Telenor Pakistan at NOK 5.3 billion ($494 million) on a cash-and-debt-free basis. This includes repayment of intercompany loans of NOK 3.5 billion ($326 million) and reduced interest-bearing liabilities of NOK 1.8 billion ($168 million), including leases.”
“Our decision to pursue the sale of our Pakistan operations follows 18 successful years of operations in the country, which started as a greenfield rollout,” Sigve Brekke, CEO Telenor Group, said.
“We are proud of the company Telenor Pakistan is today. It is an efficient and future-ready telco operator, with a strong distribution network and talented team serving 45 million customers.”
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