The Pakistan Telecommunication Company Limited (PTCL) has greenlit the acquisition of Telenor Pakistan, a leading provider of cellular and digital services. This decision was confirmed on Tuesday, with the PTCL board approving to finalize the purchase through a binding offer. This move follows an earlier non-binding offer made by PTCL. The next step involves securing confirmation from the State Bank of Pakistan (SBP) about the payment procedure.
Telenor Pakistan is anticipated to receive PTCL’s offer by September 1 or 2. It’s worth noting that Telenor Pakistan also has a bid from a Lebanese investor, which positions them to make a concluding choice soon. Industry sources predict that the acquisition deal could be valued between $500 to $700 million.
Earlier in the year, PTCL expressed its interest in Telenor Pakistan with an estimated acquisition range of $800 million to $1.2 billion. The main aim of PTCL’s board is to gain majority ownership of Telenor, along with managerial control. Etisalat, PTCL’s parent entity, has pledged to secure commercial financing to support this endeavour.
