PTCL Acquires Telenor for Less Than Tower Price: Analysts
Telenor’s tower assets alone are worth Rs112 billion, whereas PTCL has acquired the entire Telenor operation for Rs108 billion.
PTCL has acquired Telenor Pakistan at a surprisingly low valuation. Industry data shows that Telenor’s tower assets alone are worth around Rs112 billion, yet PTCL secured the entire company — including spectrum, subscribers, and infrastructure — for Rs108 billion.
Topline Research said that assuming 7.5k towers of Telenor vesting into this deal, the EV based on recent comparable deal for towers alone is US$397mn or Rs112bn.
While PTC is acquiring complete operations of Telenor in Pakistan at price of Rs108bn. However, as per our checks with industry experts, Telenor towers are structurally different than Jazz tower.
To recall, recently Engro Holdings acquired 10,617 towers of Veon (Jazz) at EV of US$563mn, translating into per tower value of US$53k,” Topline analysts said.
While as per our other sources, Tenancy ratio of Telenor towers is comparable with that of Jazz the value of towers are primarily driven by their tenancy ratio.
Acquisition of Telenor Pakistan by PTCL approved with conditions to preserve competition; IFC-led $400mn financing to fund transaction.
The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to ensure to preserve competition in industry and pass-through of efficiencies to consumers. CCP Chairman Announces PTCL Telenor Merger
As of Dec 14, 2023, and subsequent communications to exchange, the company mentioned that, deal is negotiated at an Enterprise Value of Rs108bn on a cash free and debt free basis and will be funded through external debt raised by the company (PTCL or the company).
Subsequently on Jun 27, 2024, the company announced approval of a debt financing amounting to US$400mn (7-year facility) with International Finance Corporation (IFC) led consortium comprising of Silk Road Fund (SRF) and British International Investment (BII). The terms of the deal aren’t disclosed yet i.e. pricing, any conversion clause, if applicable.
The EBITDA margins mentioned by PTC in notice to exchange for Telenor was 43% at revenue of Rs112bn, translating into EBITDA of Rs48bn and EV/EBITDA of 2.25x. The EBITDA number was quoted for Last Twelve Months (Sep 2023).
The deal also includes Tower portfolio of Telenor. The total numbers of towers held by Telenor is 7.5k, while they have coverage on over 13k sites, as per news reports and our channel checks,” Topline Research said.