AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: The long-anticipated acquisition of Telenor by Pakistan Telecommunication Company (PTC) has received the green light from the Competition Commission of Pakistan (CCP), marking a significant development in the telecommunications sector. The approval, granted on October 1, 2025, comes with specific conditions to maintain competitive balance and ensure consumer benefits.
The deal, which has been under negotiation since December 2023, is valued at Rs108 billion on a cash-free and debt-free basis. PTC plans to finance the acquisition through external debt, having secured a US$400 million loan from an International Finance Corporation-led consortium. The consortium includes the Silk Road Fund and British International Investment, but the detailed terms remain undisclosed.
Financially, Telenor’s operations show robust performance with reported EBITDA margins of 43% on revenues of Rs112 billion, resulting in an EBITDA of Rs48 billion. This positions the acquisition at an EV/EBITDA multiple of 2.25x for the last twelve months ending September 2023.
The acquisition also encompasses Telenor’s extensive tower portfolio, which consists of 7,500 towers and coverage over 13,000 sites. Recent industry transactions, such as Engro Holdings’ purchase of 10,617 towers from Veon, provide a comparative framework for valuing Telenor’s assets. The Engro deal valued each tower at approximately US$53,000.
Despite the substantial value of Telenor’s tower portfolio, industry experts indicate structural differences compared to Jazz towers. The tenancy ratio, crucial for tower valuation, is reportedly similar between Telenor and Jazz, although specific structural variances may affect overall value.
The CCP’s conditional approval aims to ensure the transaction enhances market efficiencies while safeguarding consumer interests, a critical consideration given the telecommunications sector’s competitive landscape.