Emirates Telecommunications Group Company, e&, has announced that Pakistan Telecommunication Company Limited (PTCL) Group has successfully completed the full acquisition of Telenor Pakistan, following receipt of all required regulatory approvals. The acquisition represents a significant milestone in Pakistan’s telecom sector, consolidating key market players to strengthen connectivity, enhance service quality, and support the country’s ongoing digital transformation initiatives.
The deal follows a share purchase agreement signed on December 14, 2023, between PTCL, a subsidiary of e& holding 23.4% effective economic ownership, and Telenor BV, to acquire 100% of Telenor Pakistan (Pvt) Ltd. With this transaction, PTCL Group now integrates Telenor Pakistan into its operations, combining complementary infrastructure assets and operational capabilities. Analysts anticipate substantial synergies, including cost optimization, improved network efficiency, and accelerated innovation, while enhancing the group’s scalability across the telecom ecosystem.
Financially, the acquisition is expected to have a modest incremental impact on e&’s international results, contributing approximately 6% to revenue and 5% to EBITDA over the last twelve months. As of September 2025, Telenor Pakistan reported annual revenues of PKR 133.7 billion and EBITDA of PKR 57 billion, reflecting a healthy margin of 42.6%. The transaction, valued at PKR 108 billion on a cash-free and debt-free basis, was financed through debt raised by PTCL. Telenor Pakistan’s financial results will be consolidated into PTCL Group’s statements starting December 31, 2025.
Beyond financial metrics, the acquisition is expected to reshape the competitive landscape in Pakistan’s telecommunications market. By uniting PTCL’s extensive infrastructure with Telenor’s market reach and technological capabilities, the combined entity will deliver improved connectivity, service quality, and customer experiences. It will also support Pakistan’s broader economic growth by fostering innovation, expanding digital inclusion, and accelerating nationwide adoption of advanced telecommunications services.
e& emphasized that this strategic move positions PTCL Group as a stronger, more competitive telecom leader in Pakistan, ready to deliver cutting-edge solutions, enhance network reliability, and contribute to the country’s digital economy. The acquisition demonstrates the company’s commitment to leveraging strategic consolidation to generate value for customers, shareholders, and the wider community.
