Telenor ASA — M&A Activity 2025

Dec 31, 2025

Telenor Pakistan sale completed

Telenor Pakistan sale completed

Telenor Group today announces the successful completion of the sale of Telenor Pakistan to Pakistan Telecommunication Company Limited (PTCL), part of the global technology group e&.

The sale process was announced in a stock exchange notice on 14 December 2023. At the time of announcement, Telenor Pakistan was valued at NOK 5.3 billion on a cash-and-debt-free basis. The closing of the transaction confirms this valuation level (NOK 5.4 billion given September currency rates, subject to final and minor end-of-year adjustments). In addition, Telenor ASA has received NOK0.9 billion in cash flow from Telenor Pakistan since the announcement of the transaction.

– We are pleased to have completed the sale of Telenor Pakistan. Over the past 20 years, Telenor has developed important infrastructure in Pakistan. We have contributed to economic growth and provided digital services to our 40 million customers in the country, says Benedicte Schilbred Fasmer, CEO of Telenor Group.

– Our talented colleagues in Pakistan have delivered strong results throughout the entire sales process, and I am truly impressed by this. The sale will contribute to consolidation and innovation in the Pakistani telecom industry and will reduce Telenor’s Asian footprint, says Fasmer.

Investor and media contacts:

Frank Maaø, SVP Capital Markets and Investor Relations, tel: +47 91 67 40 45

David Fidjeland, Communications Director, tel: +47 93 46 72 24