The Telenor Group, a leading global telecommunications company, recently finalized its sale of Telenor Pakistan to Pakistan Telecommunication Company Limited (PTCL), a member of the international technology conglomerate e&. The transaction, first announced on December 14, 2023, saw Telenor Pakistan valued at NOK 5.3 billion on a cash-and-debt-free basis. The completion of the transaction certifies this valuation, reaching NOK 5.4 billion when factoring in currency rates from September, subject to any final adjustments to be made at year’s end.
An Overview of the Transaction
In addition to the finalized sale, Telenor has also acknowledged receipt of NOK 0.9 billion in cash flow from Telenor Pakistan since the announcement of the transaction. For the past two decades, Telenor Pakistan has been a crucial player in providing digital services and connectivity to over 40 million customers. A significant achievement for the company is its introduction of 4G technology in regions that had previously been underserved, thereby promoting digital inclusion throughout Pakistan.
Telenor Pakistan’s array of products and services have played a significant role in boosting key economic sectors in Pakistan. These sectors span agriculture, banking, and technology freelancing communities. A noteworthy aspect of the company’s journey has been its commitment to empowering local communities through initiatives focused on promoting safe internet use, digital skills, and mobile identity, thereby encouraging responsible connectivity and digital inclusion across the nation.
Leadership Remarks on the Sale
Benedicte Schilbred Fasmer, CEO of Telenor Group, commented on the transaction’s completion:
“Finalizing this transaction signifies Telenor Group’s strategic emphasis on being an active owner of top market positions in Asia, while simultaneously facilitating consolidation and innovation in Pakistan’s telecom sector. As we conclude this sale today, I extend my heartfelt gratitude to our customers, partners, and, particularly, our workers who have been integral to this remarkable journey. Your unwavering support and faith in our mission have brought about transformative changes in Pakistan’s economy and society.”
Jon Omund Revhaug, Head of Telenor Asia, also expressed his sentiments:
“Our Telenor Pakistan team members have proven themselves to be genuine trailblazers. Their resilience, innovation, and unwavering commitment have not only propelled the company’s growth but have also had a profound impact on millions of Pakistanis nationwide. Your invaluable contributions have positioned Telenor Pakistan as a model of progress and inclusion. As you embark on this new chapter, your legacy will continue to inspire and shape the future of Pakistan’s digital society.”
In conclusion, Telenor Group extends its appreciation to the more than 40 million customers of Telenor Pakistan, the partners who collaborated to deliver services, and the employees whose commitment and innovative ideas have shaped the company’s impressive legacy.
Questions & Answers
What was the valuation of Telenor Pakistan at the time of the sale?
The company was valued at NOK 5.3 billion on a cash-and-debt-free basis.
What has been Telenor Pakistan’s impact on the country’s digital inclusion?
Telenor Pakistan has provided essential connectivity and digital services to over 40 million customers. This includes bringing 4G technology to underserved areas, thereby promoting digital inclusion throughout Pakistan.
What sectors has Telenor Pakistan influenced?
Telenor Pakistan’s products and services have boosted key economic sectors in Pakistan, such as agriculture, banking, and the technology freelancing communities.
