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title: Telenor strikes $490m deal for Pakistan unit - Developing Telecoms
description: Telenor Group announced it will sell its Pakistani operations to Pakistan Telecommunications Company (PTC) for NOK5.3 billion (US$490 million) and end its 18-year stay in the South Asian country. 
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Telenor Group announced it will sell its Pakistani operations to Pakistan Telecommunications Company Limited (PTCL) for NOK5.3 billion (US$490 million) and end its 18-year stay in the South Asian country.

Telenor has been restructuring its business in Asia having wrapped up mergers in [Thailand](https://developingtelecoms.com/telecom-business/operator-news/14634-dtac-and-true-complete-merger.html#:~:text=Telenor%20and%20CP%20Group%20will,of%20Directors%20and%20J%C3%B8rgen%20A.) and [Malaysia](https://developingtelecoms.com/telecom-business/operator-news/14277-axiata-telenor-wrap-up-merger-in-malaysia.html) and exited [Myanmar](https://developingtelecoms.com/telecom-business/operator-news/13168-telenor-finalises-myanmar-exit-with-sale-to-m1-group.html). The group previously stated it was [looking to strike a deal for its Pakistan unit](https://developingtelecoms.com/telecom-business/operator-news/14198-telenor-eyeing-us-1b-sale-of-pakistan-business.html) before the end of this year due to massive losses. The agreed transaction is expected to be completed in 2024.

In Pakistan, Telenor holds 45 million customers whereas, PTCL-owned Ufone has 25 million subscribers.

Telenor Asia’s portfolio now compromises of Grameenphone in Bangladesh, CelcomDigi in Malaysia and True Corporation in Thailand, with a total of 160 million customers.

Speaking to Reuters, Sigve Brekke, Telenor Group CEO revealed the group explored a potential merger which did not materialise and found a sale was more beneficial for shareholders.

Petter-Børre Furberg, Head of Telenor Asia, added: “We systematically considered all alternatives during the strategic review process and believe that, following a sale, the market will be better served by a strong local champion. Our strategy in Asia is to build number one positions in the markets we operate, with scale as a pre-requisite for value creation and profitable growth.

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