- PTCL signs Share Purchase Agreement with Telenor.
- PTCL, Telenor possess strong teams: PTCL president.
- Completion of acquisition subject to regulatory approvals.
KARACHI: Pakistan Telecommunication Company Limited (PTCL) on Thursday announced that it has acquired Telenor Pakistan on an enterprise value of Rs108 billion on a cash-free debt-free basis.
The telecommunications company said that they signed a Share Purchase Agreement to acquire a 100% stake in Telenor.
A spokesperson of the PTCL said the acquisition brought together the strengths and expertise of PTCL Group and Telenor Pakistan, creating synergies that will drive innovation and bolster their market, allowing them to reach a broader customer base and accelerate the 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 revolutionise the telecom industry in Pakistan,” the spokesperson said.
Hatem Bamatraf, president and group CEO, of PTCL & PTML, said: “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 which would be dedicated to developing a culture of delivery and teamwork by adopting the best of both companies. The combined entity will serve as a best-in-class provider across all domains with better coverage, seamless data experience, massive reach and a wide range of products and services for customers.”
Group CEO Hatem Dowidar 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.”
The completion of the acquisition is subject to regulatory approvals and customary closing conditions.
