Telenor Closes Pakistan Chapter After Two-Year Exit Drama
Norway’s biggest telecom operator has officially walked away from Pakistan — and the journey to get there took far longer than anyone expected. After more than two years of regulatory hurdles, currency adjustments, and compliance delays, the deal finally crossed the finish line.
On December 31, 2025, Telenor Group completed the sale of Telenor Pakistan to Pakistan Telecommunication Company Limited (PTCL), a subsidiary of UAE-based global technology group e&. Here is what the deal means, why it took so long, and what comes next for Pakistan’s mobile market.
A Deal Two Years in the Making
Telenor first announced its intention to sell its Pakistan operations in December 2023. At that point, both parties agreed on a valuation of NOK 5.3 billion on a cash-and-debt-free basis. When the transaction finally closed, the figure landed at NOK 5.4 billion — roughly US$530 million — with the slight difference reflecting exchange rate movements rather than any change in the underlying valuation of the business.
Beyond the sale price, Telenor also pulled in NOK 900 million — just under US$90 million — in cash flow from the Pakistan business during the intervening period. That additional income softened the wait considerably.
Why Did Regulators Take So Long?
The road to completion was anything but smooth. Pakistan’s Competition Commission (CCP) raised serious concerns about PTCL’s failure to comply with existing market rules and its slow submission of required documentation. Telenor publicly stated that delays were stalling digital development across the country, with the group’s Asia head Jon Omund Revhaug even traveling to Islamabad to meet directly with regulators.
Pakistan’s Telecommunication Authority (PTA) eventually issued a No Objection Certificate in December 2025, clearing the path for the deal to close before year end.
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Telenor’s Strategic Exit Makes Sense
Telenor ranked third in Pakistan’s mobile market as of late 2025, trailing market leader Jazz — a Veon subsidiary — by a significant margin. Even its closest competitor, Zong, backed by China Mobile, sat comfortably ahead in subscriber numbers. That picture left Telenor with little realistic path to a number-one position in the country.
The Norwegian operator’s broader strategy in Asia centers on owning leading positions in the markets where it operates. Grameenphone leads the Bangladeshi market, and Telenor pursued mergers in Malaysia and Thailand to secure the top spot in those countries.
Pakistan simply did not fit that framework.
A 20-Year Legacy Comes to an End
Since its launch 20 years ago, Telenor Pakistan brought critical connectivity and digital services to over 40 million customers, including 4G technology to underserved regions and digital inclusion programs across the country. Telenor
CEO Benedicte Schilbred Fasmer marked the occasion with a personal message: “I want to express my heartfelt thanks to our customers, partners, and especially our employees, who have been part of this remarkable story.”
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What This Means for Pakistan’s Telecom Market
The acquisition hands PTCL a dramatically stronger position in a highly competitive market. Even once fully merged, the combined Telenor and Ufone operations will take second place behind Jazz — but with a market share of 35.4%, the new entity should be far better placed to compete. Telecoms.com
E& CEO Hatem Dowidar described the deal as a major opportunity for market consolidation and investment in next-generation network infrastructure across Pakistan.
Telenor Stays Focused on Asia — Just With Fewer Markets
With Pakistan off the books, Telenor now operates in Bangladesh through majority-owned Grameenphone, holds a 33.1% stake in Malaysia’s CelcomDigi, and has a presence in Thailand following the 2023 merger of DTAC with True Corporation. These developments raise an obvious question about what lies ahead for Telenor’s operations in Bangladesh, particularly Grameenphone, as the company continues to reassess its exposure to Asia. The Daily Star
For more on the deal structure, read the official press release from Telenor Group and for a deeper look at the regulatory timeline, visit Developing Telecoms’ coverage.
A New Era for Pakistani Telecom
Telenor closes its Pakistan chapter with a clean exit, a fair price, and a clearer strategic vision for the markets it chooses to stay in. For Pakistani consumers, the transition brings uncertainty in the short term — but also the potential for stronger network investment and better competition against Jazz in the long run. Whether PTCL delivers on that promise will define the next chapter of Pakistan’s telecom story.
Frequently Asked Questions
Why did Telenor sell its Pakistan operations?
Telenor sells in markets where it cannot hold a leading position. In Pakistan, it ranked third behind Jazz and Zong. The company focuses on markets where scale and number-one status are achievable, so Pakistan no longer fits its Asia strategy.
Who bought Telenor Pakistan and for how much?
PTCL, a subsidiary of UAE-based technology group e&, bought Telenor Pakistan. The deal closed at NOK 5.4 billion — approximately US$530 million — on December 31, 2025, after two years of regulatory review.
How does the Telenor Pakistan sale affect existing customers?
Telenor Pakistan customers move to PTCL ownership. Services continue without immediate disruption. PTCL may update branding, plans, and billing as integration with Ufone progresses, so customers should monitor official communications closely.
What happens to Pakistan’s telecom market after the Telenor exit?
The combined PTCL and Ufone entity captures around 35.4% market share, creating a stronger number-two competitor to market leader Jazz. Analysts expect the merged operator to invest more in network expansion and push Pakistan closer to 5G readiness.
