PTCL signs a Share Purchase Agreement to acquire 100% stake in Telenor Pakistan

TechnologyPTCL signs a Share Purchase Agreement to acquire 100% stake in Telenor...

ISLAMABAD, Pakistan: Pakistan Telecommunication Company Limited (PTCL), part of e& Group (e&), on Thursday announced that it has signed a Share Purchase Agreement with Telenor Pakistan B.V. (Telenor) to acquire a 100% stake in Telenor Pakistan (Pvt) Ltd (Telenor Pakistan) based on an Enterprise Value of PKR 108 billion on a cash free, debt free basis.PTCL signs a Share Purchase Agreement to acquire 100% stake in Telenor Pakistan

The acquisition brings together the strengths and expertise of both PTCL Group and Telenor Pakistan, creating synergies that will drive innovation and bolster our market, allowing us to reach a broader customer base and accelerate digital transformation journey.

   

The milestone will add to PTCL’s strategic growth and market expansion, solidifying its position as a key player. Our combined strength will revolutionize the telecom industry in Pakistan.

Hatem Bamatraf, President and Group CEO, PTCL & PTML, said, “We are confident that the strategic synergies created by combining forces with Telenor Pakistan will result in enhanced value for our customers and stakeholders as they are the ultimate beneficiaries of this transaction. Both PTCL and Telenor possess strong and talented teams which would be dedicated towards developing a culture of delivery and teamwork by adopting the best of both companies. The combined entity will serve as a best-in-class provider across all domains with better coverage, seamless data experience, massive reach and a wide range of products and services for customers.”

Hatem Dowidar, Group CEO of e&, said, “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. 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 better serve our customers and community.”

Hassan Nasir Jamy, Chairman PTCL Board, said, “PTCL Group has played a pivotal role in connecting the people of Pakistan. This commitment further solidifies our resolve to build a prosperous and digitally connected nation and to be the national champion to support Pakistan’s digital transformation. This agreement will go a long way in ensuring that we provide our customers with the most efficient and technologically advanced solutions.”

The completion of the acquisition is subject to regulatory approvals and customary closing conditions. PTCL is actively working towards a smooth transition process to ensure minimal disruption for employees, customers, and other stakeholders.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Gold Price in Pakistan Today – 21 February 2024

0
On Wednesday (February 21, 2024), the gold rate for one tola of 24-karat in Karachi, Pakistan, is Rs 220,700.000.It's important to note that gold...
How to Become a Filer in Pakistan

FBR collects Rs 5150 trillion revenue in FY 2024 till mid-February

0
ISLAMABAD, Pakistan: The Federal Board of Revenue (FBR) has collected revenue of Rs 5,150 trillion since July 2023 to mid of February 2024 against...

SBP organizes Pakistan Financial Literacy Week 2024 from March 4-8

0
KARACHI, Pakistan: The State Bank of Pakistan (SBP) will organize the ‘Pakistan Financial Literacy Week 2024’ from March 4-8, aiming at to leverage digital...

Terrorist killed in DI Khan Operation: ISPR

0
The security forces have killed a terrorist in an intelligence-based operation (IBO) in Khyber Pakhtunkhwa’s Dera Ismail Khan District on Tuesday, the Inter Services...

Integrated Digital Count approach to be adopted to conduct 7th Agricultural Census of Pakistan...

0
The field operation will be conducted in September-October 2024ISLAMABAD, Pakistan: After the successful completion of 7th Population & Housing Census (1st Ever Digital...
Advertisement