Telenor Group today announces the successful completion of the sale of Telenor
Pakistan to Pakistan Telecommunication Company Limited (PTCL), part of the
global technology group e&.
The sale process was announced in a stock exchange notice on 14 December 2023.
At the time of announcement, Telenor Pakistan was valued at NOK 5.3 billion on a
cash-and-debt-free basis. The closing of the transaction confirms this valuation
level (NOK 5.4 billion given September currency rates, subject to final and
minor end-of-year adjustments). In addition, Telenor ASA has received NOK0.9
billion in cash flow from Telenor Pakistan since the announcement of the
transaction.
- We are pleased to have completed the sale of Telenor Pakistan. Over the past
20 years, Telenor has developed important infrastructure in Pakistan. We have
contributed to economic growth and provided digital services to our 40 million
customers in the country, says Benedicte Schilbred Fasmer, CEO of Telenor Group.
- Our talented colleagues in Pakistan have delivered strong results throughout
the entire sales process, and I am truly impressed by this. The sale will
contribute to consolidation and innovation in the Pakistani telecom industry and
will reduce Telenor's Asian footprint, says Fasmer.
Investor and media contacts:
Frank Maaø, SVP Capital Markets and Investor Relations, tel: +47 91 67 40 45
David Fidjeland, Communications Director, tel: +47 93 46 72 24