On December 31, Pakistan Telecommunication Company Limited (PTCL) completed the acquisition of 100 per cent shareholding of Telenor Pakistan (Private) Limited and Orion Towers (Private) Limited, concluding one of the largest transactions in Pakistan’s telecommunications sector.
In a notice submitted to the Pakistan Stock Exchange, Pakistan Telecommunication Company Limited confirmed that the acquisition was finalised on December 31, 2025, and that all shares of the two companies have been formally transferred to PTCL.
The transaction follows regulatory approval earlier this month by the Pakistan Telecommunication Authority, which issued a No Objection Certificate allowing the change of control. The final clearance was granted on December 6 after PTCL accepted conditions aimed at preventing market concentration and ensuring fair competition.
The acquisition is based on a Share Purchase Agreement signed on December 14, 2023, valuing the deal at around Rs108 billion. The merger was reviewed by both the PTA and the Competition Commission of Pakistan, which assessed the impact on competition and consumer interests. PTCL’s policy board accepted the CCP’s conditions for the merger in October.
Under the approved structure, Telenor Pakistan and Orion Towers will operate as wholly owned subsidiaries of PTCL, alongside Pak Telecom Mobile Limited (Ufone 4G) and U Microfinance Bank. Telenor Pakistan will continue to function as a separate entity during a transition period, after which it will be merged with PTML, subject to further regulatory approvals.
