PTCL Group has signed a Share Purchase Agreement with Telenor Pakistan B.V. to acquire 100% of Telenor Pakistan for PKR 108 billion, marking a significant expansion in its portfolio and market presence.

Target Information

The PTCL Group, recognized as Pakistan's premier telecommunications and ICT service provider, has demonstrated impressive growth with a revenue increase of 25.8% in the financial year 2023. The Group's two principal entities, Pakistan Telecommunication Company Limited (PTCL) and Ufone, reported significant contributions to this growth, with PTCL achieving a 15.4% revenue growth and Ufone marking a remarkable 25.6% increase. Additionally, U Microfinance Bank, a subsidiary of PTCL Group, excelled with a staggering revenue growth of 76.5% in 2023.

On February 13, 2024, the company presented its annual financial results during a Board of Directors meeting in Islamabad, highlighting its status as the leading integrated telecom service provider in the country. Despite notable revenue growth, the Group recorded a net loss of Rs 14.1 billion for the year, influenced by the devaluation of the Pakistani Rupee and elevated interest rates. A significant highlight for PTCL was the signing of a Share Purchase Agreement with Telenor Pakistan B.V. to acquire a 100% stake in Telenor Pakistan, valued at PKR 108 billion based on an enterprise valuation on a cash-free, debt-free basis.

Industry Overview in Pakistan

Pakistan's telecommunications industry is continually evolving, spearheaded by increasing domestic and international demand for broadband services. The proliferation of fixed broadband, mobile data, and ICT services has propelled the sector's growth, making it vital to the digita