Pakistan Telecommunication Company Limited, part of e& Group, on Thursday 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 Rs 108 Billion on a cash free, debt free basis. “The acquisition brings together the strengths and expertise of both PTCL Group and Telenor Pakistan, creating synergies that will drive innovation and bolster the market, allowing us to reach a broader customer base and accelerate digital transformation journey” said a news release issued by the PTCL. The milestone will add to PTCL’s strategic growth and market expansion, solidifying its position as a key player. 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. In the first nine months, Telenor Pakistan contributed 2.6 billion crowns in service revenue and 1.4 billion crowns in earnings before interest, tax, depreciation and amortisation (EBITDA) to the group. The deal is subject to regulatory approvals, and the aim is to close it during 2024. The sale was not estimated to have a significant impact on financials for 2023, Telenor said. Telenor’s remaining Asian portfolio consists of stakes in Grameenphone in Bangladesh, CelcomDigi in Malaysia and True Corp in Thailand, with close to 160 million customers combined. “Telenor Asia will remain an active owner for the three market-leading businesses which make up our Asian portfolio,” said the head of the company’s operation in the region, Petter-Boerre Furberg.