PTCL-Telenor Acquisition Review is Now in Final Stages

PTCL’s acquisition of Telenor Pakistan has moved into its final stage as the Pakistan Telecommunication Authority (PTA) accelerates the review process ahead of the government-planned 5G spectrum auction in February-March 2026, sources informed ProPakistani. PTA has completed hearings with all major operators, including Jazz, Zong, Wateen, Telenor, and Ufone, and is expected to announce its decision by the end of November, according to sources. Sources told ProPakistani that PTA will issue the No-Objection Certificate (NOC) as soon as the review concludes, with the regulator likely to grant approval by 30 November. Once the NOC is issued, PTCL will approach the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan for the next round of approvals. According to sources, Telenor, like Ufone, will become a subsidiary of PTCL, and this structural change will allow Ufone to participate more effectively in the upcoming 5G auction. The acquisition crossed a major milestone earlier when the Competition Commission of Pakistan (CCP) approved PTCL’s purchase of Telenor Pakistan and Orion Towers. CCP’s decision included strict conditions to maintain market fairness, requiring independent boards, non-overlapping management structures, and strong governance standards for senior leadership under the Etisalat-backed PTCL group. CCP also imposed several safeguards against anti-competitive practices. These include restrictions on predatory pricing, mandatory arm’s-length transactions for all related-party dealings, non-discriminatory access to telecom infrastructure for competitors, and the appointment of an independent third-party monitor to audit compliance and submit quarterly reports for five years. The regulator further directed PTCL to seek PTA approval for wholesale pricing related to IP bandwidth, long-distance international services, domestic leased lines, and telecom infrastructure provided to licensees, including the merged operator. CCP emphasized that efficiencies gained from the deal must directly benefit consumers through better service quality, competitive tariffs, and stronger network investments. PTCL first signed the Share Purchase Agreement with Telenor Group in December 2023 to acquire 100 percent of its Pakistan operations. The agreement was finalized in August 2024, followed by the CCP’s Phase-II approval on October 1, 2025. With PTA’s decision expected within days, the merger is set to reshape Pakistan’s telecom market and strengthen the combined Ufone-Telenor entity ahead of the crucial 2026 5G spectrum auction.