KARACHI: Pakistan’s telecom sector is poised for a major transformation as Pakistan Telecommunication Company Limited (PTCL) has cleared the final regulatory milestone in its acquisition of Telenor Pakistan (Private) Limited.
The Pakistan Telecommunication Authority (PTA) has issued the long-awaited No Objection Certificate (NOC), formally approving the change of control and paving the way for one of the largest corporate transactions in the country’s history.
The final approval, granted on December 6, concludes a comprehensive regulatory process that had been under way for several months. The acquisition stems from a Share Purchase Agreement signed on December 14, 2023, valuing the deal at approximately Rs108 billion (USD 380–400 million). With the PTA’s clearance now secured, PTCL’s move to acquire full ownership of Telenor Pakistan enters its final stage.
The transaction underwent rigorous scrutiny by both the PTA and the Competition Commission of Pakistan (CCP), which examined the deal to ensure that market competition and consumer welfare would not be adversely affected. The PTA had initially issued a conditional approval for the Change of Control (COC) on November 30, 2025, outlining safeguards designed to prevent market concentration and ensure fair competition. After PTCL unconditionally accepted those conditions, the PTA issued its final NOC, allowing the transfer of substantial ownership interest to proceed.
With the PTA’s clearance now secured, the acquisition process is moving toward completion. PTCL is preparing to seek remaining approvals from the State Bank of Pakistan (SBP), which will oversee the foreign exchange and financial compliance aspects of the multi-million-dollar deal. The transaction is supported by a financing facility of up to USD 400 million arranged through a consortium led by the International Finance Corporation (IFC), ensuring liquidity for the final settlement.
Subject to the SBP approval, the acquisition is expected to close in January 2026, at which point PTCL will assume operational control of Telenor Pakistan. The next phase will involve PTCL initiating the formal merger process to integrate Telenor Pakistan with its mobile subsidiary, Pak Telecom Mobile Limited (PTML–Ufone). The full consolidation, from acquisition to operational merger, is projected to take between five and six months.
Analysts say the acquisition marks a defining strategic moment for PTCL, positioning it to significantly expand its share in the mobile market and leverage a combined network, infrastructure footprint, and subscriber base. Industry observers believe that the enlarged entity will play a pivotal role in accelerating digital transformation, strengthening service quality, and supporting next-generation connectivity across Pakistan.
Copyright Business Recorder, 2025