Pakistan’s PTCL Group — which is 23.4% owned by the UAE’s e& — has completed the 100% acquisition of Telenor Pakistan, according to a press release(pdf). The transaction, which merges Telenor’s operations into Ufone, PTCL’s mobile arm, effectively consolidating the market in Pakistan, valued the operator at PKR 108 bn on a cash-free, debt-free basis. It was financed through debt raised by PCTL.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The rationale: Consolidating the two networks allows Ufone to expand coverage and service quality without duplicating capex, while cutting operational overheads.

Why it matters to e&: This is a material boost to the UAE group’s books. Even as a minority shareholder in PTCL, e& expects the consolidation to lift its international revenue by c. 6% and EBITDA by 5%.

By the numbers: PTCL is absorbing a solid balance sheet. Telenor Pakistan generated PKR 133.7 bn in revenue during the first nine months of 2025, with an EBITDA margin of 42.6% (PKR 57 bn).

Zoom out: The transaction is the latest in e&’s aggressive pivot to scale its international footprint. In Europe, the group’s joint venture, e& PPF Telecom, recently saw its unit O2 Slovakia acquire broadband operator UPC Slovakia for EUR 95 mn. The company is also advancing talks on data centers in Uzbekistan and just launched a wholesale connectivity hub in Miami to service the Americas.

Tags: