PTCL and Telenor Pakistan are on the verge of finalizing a major acquisition deal, set to be officially announced soon. The Board of Directors at PTCL, convening in Dubai, has granted approval for the acquisition, signaling a significant move in the telecom sector.
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Insider sources revealed that the deal’s value stands at approximately $400 to $450 million. The official confirmation came during discussions with top sources on Wednesday night. The decision to acquire Telenor Pakistan was a strategic move by PTCL, and the Board’s assent marks a crucial step towards the completion of the transaction.
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This development follows PTCL’s binding offer presented in August 2023 to acquire Telenor Pakistan, as disclosed in their communication to the Pakistan Stock Exchange. The initial non-binding offer had been extended in the previous financial year. The Board’s authorization, as outlined in the communication, allows PTCL to explore investment opportunities in the telecom sector in Pakistan, subject to regulatory consents and approvals.
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