PTCL signs loan deal with IFC to acquire Telenor

Pakistan Telecommunica­tion Com­pany Ltd (PTCL) has entered into a deal with International Finance Corporation (IFC)-led consortium for $400 million financing that would help the country’s largest telecom operator to materialise its plan of acquisition of Telenor Pakistan and its subsidiary Orion Towers (Private) Ltd. PTCL had in December 2023 signed a share purchase agreement with Telenor (ASA) for the acquisition of 100 per cent shares in Telenor Pakistan and Orion Towers (Pvt) Ltd at the acquisition price of Rs108 billion on debt- free cash-free basis. “The PTCL approached IFC for financing of the project, which was subsequently approved in April 2024, and endorsed by the IFC Board of Directors,” said a PTCL statement. “The IFC-led consortium includes the Silk Road Fund (SRF), a Chinese state-owned medium-to-long-term investment fund, and British International Investment (BII), the UK’s development finance institution and impact investor.”