Telenor Closes Its Pakistan Chapter After Two-Year Wait — Here Is What Changes Next
After more than two decades of connecting millions of Pakistanis, Norwegian telecom giant Telenor has officially handed over its Pakistan operations to PTCL. The deal, first announced in December 2023, took over two years to close — but on December 31, 2025, the transaction finally crossed the finish line.
The exit marks a turning point for Pakistan’s telecom landscape. With PTCL — a subsidiary of UAE-based global technology group e& — now at the helm, the country stands to see a major reshaping of its mobile market. Here is everything you need to know about what happened, why it took so long, and what comes next.
A Deal Two Years in the Making
Telenor signed the share purchase agreement with PTCL back in December 2023, setting the enterprise value of Telenor Pakistan at NOK 5.3 billion. By the time the deal closed, currency movements nudged that figure to NOK 5.4 billion (approximately US$530 million) — though the underlying valuation of the business remained unchanged.
On top of the sale price, Telenor pulled in an additional NOK 900 million (roughly US$90 million) in cash flow from the Pakistani operations during the waiting period. In total, the Norwegian operator walked away with a financially solid outcome from a market it had chosen to leave.
“The completion of this transaction reflects Telenor Group’s strategy to focus on being an active owner of market-leading positions in Asia, while enabling consolidation and innovation in Pakistan’s telecom sector,” said Telenor Group CEO Benedicte Schilbred Fasmer.
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Why Did It Take So Long?
The deal hit multiple regulatory speed bumps along the way. Pakistan’s Competition Commission (CCP) raised concerns over PTCL’s compliance with existing market rules and its failure to submit required documentation on time. Telenor had initially expected the transaction to close before the end of the first half of 2025 — a deadline it missed by several months.
Jon Omund Revhaug, head of Telenor Asia, had previously flagged the delays publicly, describing the hold-up as a source of “concern” within the group. He stressed that Telenor no longer had the capital or appetite to fund the large investment Pakistan would need to enter the 5G era.
“The industry is evolving, and we have a limited amount of resources. We will invest them in markets where we can reach a number one position,” Revhaug said.
Pakistan’s telecoms regulator, the Pakistan Telecommunication Authority (PTA), eventually issued a No Objection Certificate in December 2025, clearing the final hurdle. The transaction closed on the last day of the year.
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Why Telenor Chose to Walk Away
Telenor had been eyeing a Pakistan exit since at least July 2022, when it launched a strategic review of its operations in the country. The reasons were structural: Telenor ranked third in Pakistan’s mobile market, behind market leader Jazz (a Veon subsidiary) and China Mobile-backed Zong, with little realistic path to the top.
The group had already executed successful mergers in Malaysia and Thailand, where it holds leading or major positions. Its strategy across Asia shifted toward markets where scale was achievable. Pakistan simply did not fit that mould any longer.
Revhaug put it plainly: “We no longer have the capital, nor can we foresee the scale required to fund the large capex needed to push Pakistan into the 5G era and beyond.”
As of November 2025, Telenor held roughly 26% of the Pakistani mobile market. Telenor and Ufone combined will hold approximately 35.4% market share post-merger — still behind Jazz, but in a far stronger competitive position than either operator managed on its own.
What PTCL Gains — and What Pakistan Gets
For PTCL, this acquisition represents one of the largest telecom transactions in Pakistan’s recent history. Combining Telenor Pakistan with Ufone — PTCL’s existing mobile brand with around 24.5 million subscribers — creates a formidable challenger to Jazz.
The merged entity puts PTCL in second place in the Pakistani mobile market, with a combined subscriber base that gives it real leverage to invest in network quality, pricing, and digital services.
e& CEO Hatem Dowidar called the acquisition “a significant opportunity for market consolidation,” promising to invest in building a next-generation network in Pakistan.
For Pakistani consumers, the short-term picture looks like business as usual. Service continuity remains the immediate priority under new ownership. Over time, the integration of two networks could bring improved coverage and more competitive pricing — provided the merger proceeds smoothly.
You can track how Pakistan’s telecom market evolves through the Pakistan Telecommunication Authority (PTA) statistics portal.
Telenor’s Remaining Asian Footprint
With Pakistan behind it, Telenor now operates in three Asian markets:
Bangladesh — Telenor holds a majority stake in Grameenphone, Bangladesh’s largest mobile operator, though that market faces growth headwinds.
Malaysia — Telenor owns a 33.1% stake in CelcomDigi, the country’s biggest mobile player, formed through the merger of Digi and Celcom in 2022.
Thailand — The 2023 merger of DTAC with True Corporation created a major operator, though market leadership there remains contested.
Pakistan joins Myanmar and India on the list of markets Telenor has exited. Myanmar came first in 2022 following a military coup; India saw Telenor leave in 2017 due to structural challenges similar to those it faced in Pakistan.
Twenty Years, 40 Million Customers, and a Legacy That Stays Behind
Telenor launched in Pakistan in 2005 with a greenfield rollout. Over the following two decades, it built a subscriber base of more than 40 million customers and brought 4G connectivity to underserved and rural regions that larger players had largely overlooked.
Beyond basic connectivity, Telenor Pakistan ran programs promoting digital literacy, mobile identity solutions for government services, training for women entrepreneurs, and digital access for students in remote areas. Its impact stretched well beyond mobile subscriptions.
Fasmer acknowledged that legacy in her closing statement: “As we close this sale transaction today, I want to express my heartfelt thanks to our customers, partners and especially our employees, who have been part of this remarkable story. Your support and belief in our mission have made a lasting difference in Pakistan’s economy and society.”
What Comes Next for Pakistan’s Telecom Market
The integration of Telenor Pakistan into PTCL and Ufone will take time. Regulatory oversight, network consolidation, and brand decisions all lie ahead. Customers of both Telenor and Ufone can expect continuity in service for now, with changes to branding and service packages likely to emerge as the integration progresses.
The bigger picture for Pakistan is one of potential. A stronger second player creates more competitive pressure on Jazz, which may ultimately benefit consumers through better services and pricing. Whether that potential translates into reality depends on how quickly and smoothly PTCL manages the merger.
For Telenor, the Pakistan chapter is closed. For Pakistan’s 220 million-strong population, the next chapter of its digital story is only beginning.
Frequently Asked Questions
Why did Telenor exit Pakistan? Telenor left Pakistan because it could not reach a market-leading position in the country. The company ranked third behind Jazz and Zong, with limited resources to fund the investment needed for 5G infrastructure. Telenor shifted its Asian strategy to focus only on markets where it can hold a dominant position.
Who bought Telenor Pakistan? Pakistan Telecommunication Company Limited (PTCL) acquired Telenor Pakistan. PTCL operates as part of e&, a UAE-based global technology group. The deal closed on December 31, 2025, at a value of approximately NOK 5.4 billion (around US$530 million).
What happens to Telenor Pakistan customers? Telenor Pakistan customers continue to receive service without major disruptions in the short term. PTCL takes over operations and maintains existing plans, network access, and support. Over time, changes to branding, service packages, and billing may follow as PTCL merges Telenor Pakistan with its Ufone mobile brand.
How long did the Telenor Pakistan sale take to complete? The sale took more than two years from announcement to completion. Telenor and PTCL first signed the agreement in December 2023. Regulatory delays — including compliance concerns raised by Pakistan’s Competition Commission — pushed the closing date well past the original mid-2025 target, with the deal finally completing on December 31, 2025.
