The board of Pakistan’s national telecoms operator PTCL reportedly gave the green light to make an offer for Telenor Pakistan for between $800 million and $1.2 billion, potentially creating the second-largest operator in the country by connections.
Local newspaper The News reported PTCL’s parent company e& committed to guaranteeing loans needed to complete the deal and sought government approval to fund the deal in US dollars held offshore due to a liquidity crunch affecting the currency in Pakistan.
GSMA Intelligence estimates for 2022 shows the acquisition could create an operator with 73.3 million connections, behind Veon-owned Jazz with 76.2 million.
Telenor Pakistan closed 2022 with 49.6 million connections, while PTCL’s mobile unit Ufone had 23.7 million.
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