PTCL board approves Telenor Pakistan buyout plan

The board of Pakistan Telecommunication Company Limited (PTCL) has greenlit plans to acquire rival Telenor Pakistan with a binding offer to be tabled in September.

The News reported that PTCL made the announcement on the Pakistan Stock Exchange after the board concluded its due diligence on the potential acquisition.

Telenor Pakistan is apparently also seeing interest from an unnamed Lebanese investor, the publication reported, sources stated a final price will be agreed between US$500 million to US$700 million.

PTC was reported to have prepared a non-binding offer in February to acquire Telenor’s unit for up to US$1.2 billion, after gaining confirmation from the State Bank of Pakistan in regard to mode of payment.

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