The International Finance Corporation  has approved the debt financing of up to $400 million to Pakistan Telecommunication Limited for the acquisition of Telenor Pakistan Limited.       The finalisation of workstreams to sign financing agreements with IFC, a subsidiary of the World Bank,  is underway and expected to be completed on or before July 31, 2024.  PTCL then entered into a Share Purchase Agreement with the shareholders of Telenor Pakistan for the acquisition of 100 percent of the shares on a cash-free, debt-free basis. At that time, PTCL informed that the acquisition would be financed by external debt.    The Norwegian group has been restructuring its Asian businesses, building bigger units in Thailand and Malaysia via local mergers, and has decided on the divestment of its telecom operations in Pakistan.Telenor Pakistan, launched 18 years ago, has 45 million customers.PTCL’s major assets include Ufone, a mobile operator in Pakistan with over 20 million customers and U Microfinance Bank. Etisalat, with a 26 percent stake, runs it under an agreement with the government of Pakistan, which holds 62 percent stake.      Ufone will haveover 70 million users after the deal, almost equal to those of Jazz, which acquired Warid Telecom some eight years ago.Analysts said the PTCL's acquisition is one of the biggest acquisition deals in Pakistan despite its economic challenges.     Pakistan has 194 million cellular subscribers and 124 million broadband subscribers, according to PTA.There are four major telecommunication providers, including Jazz, owned by Netherlands-based Veon, Zong, owned by China Mobile, and Norway. (ICE ISLAMABAD)

Fonte notizia: business recorder