Ahead of Pakistan’s highly anticipated 5G spectrum auction, the country’s telecom sector has witnessed a major consolidation as Pakistan Telecommunication Company Limited (PTCL) has formally completed the acquisition of 100% shareholding of Telenor Pakistan and Orion Towers. The transaction became effective from December 31, 2025, marking one of the most significant developments in Pakistan’s telecom landscape in recent years.

The development was confirmed by PTCL President and CEO Hatem Bamatraf during a media briefing, where he described the acquisition as a strategic milestone for both PTCL and the broader telecom sector. He also hinted at positive progress regarding the long-pending $800 million issue linked to PTCL’s privatization, stating that the matter is moving in a constructive direction, though without providing a specific timeline.

Following the completion, Telenor Pakistan and Orion Towers will operate as wholly owned subsidiaries of PTCL, alongside Ufone 4G (PTML) and U Microfinance Bank. During the transition phase, Telenor Pakistan will continue to function as a separate legal entity, after which PTML and Telenor Pakistan are expected to merge into a single entity (MergeCo), subject to regulatory approvals.

PTCL acknowledged Telenor ASA’s long-standing contribution to Pakistan’s telecom sector, highlighting its role in improving service quality and expanding nationwide connectivity over nearly two decades. The consolidation aims to combine complementary strengths, enabling enhanced customer experience, wider coverage, efficient spectrum utilization, and accelerated innovation.

The merged entity is expected to play a key role in Pakistan’s digital transformation by strengthening network capabilities, preparing for 5G deployment, and delivering secure, customer-centric digital services aligned with national digital ambitions.

In a formal disclosure to the Pakistan Stock Exchange (PSX) dated December 31, 2025, PTCL confirmed that all shares of Telenor Pakistan and Orion Towers have been duly transferred in its name, in compliance with PSX regulations and the Securities Act, 2015. PTCL stated that any further material developments related to the transaction will be communicated to regulators and investors in accordance with applicable laws.

The acquisition significantly enhances PTCL’s footprint in Pakistan’s telecom market and positions the company more strongly as the sector moves towards consolidation, digital expansion, and the rollout of next-generation connectivity.