Pakistan Telecommunication Company Limited (KASE:PTC) entered into a non-binding agreement to acquire Telenor Pakistan (Private) Limited from Telenor ASA (OB:TEL) on August 29, 2023. Pakistan Telecommunication Company Limited (KASE:PTC) entered into a share purchase agreement to acquire Telenor Pakistan (Private) Limited from Telenor ASA (OB:TEL) for an enterprise value of PKR 108 billion on cash and debt free basis on December 13, 2023. Pakistan Telecommunication Company Limited (KASE:PTC) will now make a binding offer after getting a confirmation from the State Bank of Pakistan (SBP) with regard to the mode of payment on September 1 or 2. The transaction will be financed by external debt that will be raised by Pakistan Telecommunication Company.

Completion of the transaction remains subject to regulatory approvals and customary closing conditions. Competition Commission of Pakistan has almost completed the first phase review of the transaction. The transaction is expected to close during 2024.

James Mythen, Christine Fong, Zann Tay and Ka Sen Wong of Allen & Overy LLP acted as legal advisor to Telenor ASA. The World Bank?s International Finance Corporation (IFC) has approved a PKR 111.12 billion loan for Pakistan Telecommunication Company Limited to help finance the acquisition of Telenor Pakistan. Telenor Pakistan reported revenue of