Acquisition of TPL: IFC approves $400m debt financing to PTCL

KARACHI: The Board of Directors of International Finance Corporation (IFC) has approved the debt financing up to $400 million to Pakistan Telecommunication Company Limited (PTCL) for acquisition of Telenor Pakistan (Private) Limited (TPL).

The finalization of workstreams to sign financing agreements with IFC is underway and expected to be completed on or before July 31, 2024, material information sent to Pakistan Stock Exchange on Monday said.

The details of the debt financing shall be disclosed upon the finalization of financing agreements, it added. The PTCL announced this with reference to the previous notice, whereby it was notified that consequent to the approval of PTC Board of Directors, the company has entered into a Share Purchase Agreement (SPA) with the shareholders of Telenor Pakistan (Private) Limited for the acquisition of 100 percent shares of Telenor Pakistan (Pvt.) Ltd., based on an Enterprise Value of Rs108 billion on a cash free, debt free basis. The Transaction will be financed by external debt that will be raised by the company.

Copyright Business Recorder, 2024