PTA’s Decision on PTCL-Telenor Acquisition Expected Within Weeks

The Pakistan Telecommunication Authority (PTA) is expected to issue its decision on the acquisition of Telenor Pakistan by the PTCL group by the end of November, sources familiar with the matter informed ProPakistani.

The regulator is currently conducting hearings with both Telenor and Ufone, evaluating submissions before issuing a formal order.

Once PTA grants a no-objection certificate (NOC), Telenor will approach the Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan for subsequent approvals. Following the change in management, the merger request will return to PTA for final authorization.

The acquisition process reached a major milestone earlier when the Competition Commission of Pakistan (CCP) approved PTCL’s purchase of Telenor Pakistan and Orion Towers. CCP’s detailed ruling outlined stringent conditions to ensure fair competition, including the requirement that PTCL and the merged entity maintain independent boards and management.

UAE-based Etisalat, the parent company of PTCL, must also ensure that senior leadership meets strict fitness and integrity standards.

Several safeguards were imposed by the CCP to prevent anti-competitive practices. An independent third-party monitor will oversee compliance, audit transactions, and submit quarterly reports to the CCP for five years.

The order also prohibits cross-subsidisation and mandates arm’s-length dealings for all related-party transactions. Additionally, non-discriminatory access to infrastructure must be ensured for all operators, while PTCL and the merged entity must submit all current and future Reference Interconnect Offers for PTA approval.

The regulator further directed PTCL to obtain PTA clearance for wholesale pricing related to IP bandwidth, long-distance international services, domestic leased lines, and telecom infrastructure offered to licensees or associated companies, including the merged operator. Predatory pricing has been explicitly restricted, while mandatory adherence to quality-of-service benchmarks, innovation goals, and tariff regulations will be enforced.

CCP also stressed that PTCL and Telenor must demonstrate that merger efficiencies will directly benefit consumers through improved services, pricing, and network investments.

The acquisition traces back to December 2023, when PTCL signed a Share Purchase Agreement with the Telenor Group to acquire 100 percent of its Pakistani operations. The agreement was formalized in August 2024, followed by the CCP’s Phase II approval on October 1, 2025.

PTCL formally announced the deal later that month, valuing the transaction at around $400 million on a cash-free, debt-free basis. As the final PTA approval remains pending, the merger is poised to reshape Pakistan’s telecom landscape, consolidating it into a three-player market and intensifying competition between Jazz and the combined Ufone-Telenor entity.