State-owned operator Pakistan Telecom revealed intentions to close its acquisition of Telenor’s local unit this year, reported Bloomberg.
Pakistan Telecom CEO Hatem Bamatarf told the news agency the operator will acquire the unit with “any required investment” by December.
The deal was struck and announced in December 2023 with a value of NOK5.3 billion ($484 million), and will gain Pakistan Telecom 45 million subscribers, and give it a market share of 36% rising from 13% currently, according to Pakistan Telecom Authority data. This would rank the operator number two to market leader Jazz which has a 37% share.
Pakistan Telecom operates under the Ufone brand and if the deal goes through, the South Asian nation will be left with three MNOs to contest. Alongside Ufone and Jazz, China Mobile-owned Zong also competes for subscribers in the 191 million populated country.
Pakistan Telecom reported a loss of PKR14.1 billion in the year ending December 31, a second year of loss. Average revenue per user had dropped to PKR300 which Bamatarf quipped is “like three cups of tea per month” for individual subscribers, reported Bloomberg.
