The story of Telenor in Pakistan is over
Unveiling a Strategic Acquisition
Pakistan Telecommunication Company Limited (PTCL), a crucial part of e& Group (e&), has officially sealed a monumental Share Purchase Agreement with Telenor Pakistan B.V. (Telenor). The agreement solidifies PTCL’s acquisition of a 100% stake in Telenor Pakistan (Pvt) Ltd. Based on an Enterprise Value of PKR 108 Billion on a cash-free, debt-free basis, the acquisition marks a pivotal moment in the telecom industry.
A Union of Strengths and Expertise
This acquisition marks the convergence of PTCL Group and Telenor Pakistan, heralding a new era of innovation and market fortification. By leveraging each other’s strengths, this union aims to expand market reach, drive innovation, and accelerate the digital transformation journey in Pakistan. The synergy promises an invigorated landscape, aiming to revolutionize the telecom industry.
Visionary Leadership Embracing Change
Hatem Bamatraf, President and Group CEO of PTCL & PTML expressed confidence in the union’s potential. He emphasizes the creation of strategic synergies that will directly benefit customers and stakeholders. The combined prowess of PTCL and Telenor will cultivate a culture of collaboration and delivery, setting new benchmarks across all domains and enhancing customer experiences.
A Testament to Progress and Commitment
Hatem Dowidar, Group CEO of e&, underscores the acquisition’s significance in reinforcing their dedication to Pakistan’s telecom sector. The move adds value for customers and shareholders and reflects a commitment to a progressive telecom legacy. This step signifies a relentless pursuit of digital transformation, aiming to serve customers and communities more effectively.
Steadfast Commitment to Connectivity
Hassan Nasir Jamy, Chairman of the PTCL Board, accentuates PTCL Group’s role as a pivotal force in connecting the people of Pakistan. The acquisition reaffirms their resolve to support the nation’s digital transformation journey, ensuring the delivery of technologically advanced solutions and efficient services to customers.
Road Ahead: Regulatory Steps and Transition Process
The completion of this acquisition awaits regulatory approvals and customary closing conditions. PTCL is actively engaged in facilitating a seamless transition process. The primary goal is to minimize disruptions for employees, customers, and stakeholders.
About PTCL and e& Group
PTCL is Pakistan’s most extensive integrated Information Communication Technology (ICT) Company, serving as the country’s communication backbone with an expansive fiber cable network. Its assets include PTML (Ufone 4G) and U Microfinance Bank Ltd. (“U Bank”).
e& Group, a pioneering technology conglomerate, boasts a rich legacy in telecommunications. With operations spanning 16 countries across the Middle East, Asia, and Africa, e& is a trailblazer in the industry. The Group’s commitment to innovation is evident through its multiple business pillars, striving to redefine communication and connectivity.
The strategic acquisition of Telenor Pakistan aligns with PTCL’s and e&’s vision of reshaping telecom landscapes, fostering digital innovation, and enhancing connectivity for communities globally.