KARACHI – In a major move to expand its telecom operations, Pakistan Telecommunication Company Ltd (PTCL) has clinched a $400 million financing deal with a consortium led by the International Finance Corporation (IFC). This financial boost is set to facilitate PTCL’s strategic acquisition of Telenor Pakistan along with its subsidiary Orion Towers (Private) Ltd.
Back in December 2023, PTCL inked a definitive share purchase agreement to acquire all shares of Telenor Pakistan and Orion Towers, valuing the transaction at Rs108 billion on a debt-free and cash-free basis. The financing, endorsed by the IFC Board of Directors in April 2024, includes contributions from notable investors such as the Silk Road Fund (SRF), a Chinese state-owned investment entity, and British International Investment (BII), the UK’s impact-focused development finance institution.
During a recent ceremony, Jameel Ahmed, Governor of the State Bank of Pakistan, praised the deal, highlighting it as a testament to global confidence in Pakistan’s telecom sector. He emphasized the sector’s significant contribution to the national economy and its potential to drive broader economic prosperity.
Hatem Bamatraf, President and Group CEO of PTCL & PTML (Ufone 4G), remarked that this financing marks a pivotal milestone for the telecom industry in Pakistan, heralding a new era of growth and transformation.
