The UAE’s technology conglomerate e& is set to expand its presence in Pakistan through the complete acquisition of Telenor’s local unit, a move aimed at tapping into the country’s expanding telecommunications market.
Pakistan Telecommunication Company Limited (PTCL), an entity listed under e& and operating in Pakistan, has formally announced the signing of a binding agreement with Telenor ASA to purchase a 100% stake in Telenor Pakistan (Pvt) Ltd (Telenor Pakistan). This acquisition is valued at PKR 108 billion on a cash-free, debt-free basis.
“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,” said Hatem Dowidar, Group CEO of e&. “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 serve our customers and community better,” he added. “
The acquisition is expected to combine the strengths and expertise of PTCL and Telenor Pakistan, creating synergies intended to drive innovation, strengthen market presence, and broaden their customer base, thereby accelerating their journey towards digital transformation.
This strategic move marks a significant step in e&’s regional expansion plans, further establishing its role as a prominent player in Pakistan’s telecommunications industry.
