Norway’s Telenor is selling Pakistan’s telecoms unit after 18 years: Read what CEO said on the sale

Norway’s Telenor has reportedly agreed to sell its Pakistan unit to state group Pakistan Telecommunications. According to a report in news agency Reuters, the transaction is valued the unit at 5.3 billion Norwegian crowns ($490 million). The Norwegian group is said to be restructuring its Asian businesses, building bigger units in Thailand and Malaysia via local mergers. The company had said that it had hoped to decide on a solution for the Pakistan business by year-end.

Telenor launched its operations in Pakistan around 18 years ago. The company has 45 million customers. The deal is subject to regulatory approvals, and the aim is to close it during 2024. In a statement, Telenor said that the sale was not estimated to have a significant impact on financials for 2023.