IFC approves financing for PTCL Group’s acquisition of Telenor Pakista
Islamabad – 8th April 2024: The Board of Directors of the International Finance Corporation (IFC) has provided a go-ahead for financing to PTCL Group for the purchase of Telenor Pakistan. The decision follows PTCL Group’s signing of a share purchase agreement with Telenor Pakistan for the acquisition of a 100 percent stake in the company on a cash-free, debt-free basis.
PTCL has been engaged with IFC, a member of the World Bank Group, for financing to materialize the deal. The approval of financing by the International Finance Corporation (IFC) not only signifies renewed trust in Pakistan’s economy but also underscores the immense potential of the country’s telecom sector. Moreover, it reflects the confidence of the international body in the PTCL Group’s capabilities as a leading facilitator in realizing the ‘Digital Pakistan Vision.’
PTCL Group had signed the share purchase agreement with Telenor Pakistan for the acquisition of a 100 percent stake in the company in December last year. The agreement is one of the most noteworthy events in the country’s telecom sector. The deal is not only poised to strengthen the market standing of PTCL Group but also transform the country’s telecom and digital sector by accelerating growth and innovation.
The acquisition of Telenor Pakistan by PTCL Group is subject to necessary regulatory approvals.
