PTCL’s acquisition of Telenor Pakistan has entered its final review stage, with the Pakistan Telecommunication Authority (PTA) accelerating the process ahead of the government-planned 5G spectrum auction scheduled for February-March 2026.
The PTA has completed hearings with all major telecom operators, including Jazz, Zong, Wateen, Telenor, and Ufone, and is expected to announce its decision by the end of November. Sources indicated that the regulator will issue the No-Objection Certificate (NOC) once the review concludes, likely by November 30.
Following the issuance of the NOC, PTCL will approach the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan to secure the next round of approvals.
Once the merger is finalized, Telenor, like Ufone, will operate as a subsidiary of PTCL, a structural change intended to allow Ufone to participate more effectively in the upcoming 5G auction.
The acquisition reached a key milestone when the Competition Commission of Pakistan (CCP) approved PTCL’s purchase of Telenor Pakistan and Orion Towers, imposing strict conditions to maintain market fairness. These safeguards include independent boards, non-overlapping management structures, and robust governance standards for senior leadership under the Etisalat-backed PTCL group.
The CCP also mandated measures against anti-competitive practices, such as restrictions on predatory pricing, arm’s-length transactions for related-party dealings, non-discriminatory access to telecom infrastructure, and quarterly audits by an independent third-party monitor for five years.
The regulator further directed PTCL to seek PTA approval for wholesale pricing related to IP bandwidth, long-distance international services, domestic leased lines, and telecom infrastructure provided to licensees, including the merged entity. CCP emphasized that efficiencies from the deal must benefit consumers through improved service quality, competitive tariffs, and stronger network investments.
PTCL initially signed the Share Purchase Agreement with Telenor Group in December 2023 to acquire 100 percent of its Pakistan operations.
The agreement was finalized in August 2024, with CCP Phase-II approval granted on October 1, 2025. With PTA’s decision expected imminently, the merger is set to reshape Pakistan’s telecom sector and strengthen the combined Ufone-Telenor entity ahead of the critical 2026 5G spectrum auction.
