Pakistan Telecommunication Company Limited (“PTCL”), e&’s listed operating company in Pakistan, today announced that it has signed a binding agreement with Telenor ASA (Telenor) to acquire a 100 per cent stake in Telenor Pakistan (Pvt) Ltd (Telenor Pakistan) for Enterprise Value of PKR 108bn on a cash free, debt free basis.
The acquisition brings together the strengths and expertise of both PTCL and Telenor Pakistan, creating synergies that will drive innovation, bolster the market, and enable them to reach a broader customer base, accelerating their digital transformation journey. The milestone will add to e&’s strategic growth and market expansion in the region, solidifying its position as a key player in the Pakistan’s telecommunications industry.
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.”
Hatem Bamatraf, President and Group CEO, PTCL & Ufone 4G, 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 dedicated to developing a culture of delivery and teamwork by adopting the best of both companies. The merged entity will serve as a best-in-class provider across all domains, offering better coverage, seamless data experience, massive reach and a wide range of products and services for customers.”
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.”
About e&:
e& is one of the leading technology groups in the world. Boasting impressive financial figures for 2022, with consolidated net revenue reaching a staggering AED 52.4 billion and consolidated net profit surging to AED 10 billion, the Group’s impeccable credit ratings reflect its strong balance sheet and track record of sustained success.
Founded in Abu Dhabi over 47 years ago, the Group has a rich legacy as the pioneer in telecommunications in the UAE. Today, its footprint spans 16 countries across the Middle East, Asia, and Africa, making it a leading player in the industry.
Innovation is ingrained in e&’s DNA to create an unbreakable bond between communities using cutting-edge digital solutions, smart connectivity and advanced technologies.
The Group has designed five strong business pillars that address various customer segments: etisalat by e&, e& international, e& life, e& enterprise and e& capital. Through these pillars, we strive to revolutionise the way people communicate, work and live by providing unparalleled services and exceptional experiences.
At e&, we are committed to pushing the boundaries of what is possible and delivering measurable results that make a difference in people’s lives.
About PTCL:
Pakistan Telecommunication Company Limited (PTCL) is the largest integrated Information Communication Technology (ICT) Company of Pakistan. With a humble start from a telephone and telegraph department in 1947, it has evolved to offer latest digital and telecommunication Technology today. It acts as the communication backbone for the country with the largest fiber cable network and submarine cables connecting Pakistan to the world. PTCL’s major assets include Ufone 4G, a well-established mobile operator in Pakistan and U Microfinance Bank Ltd. (“U Bank”) offering a wide range of microfinance loans and deposit products.
