Emirati Firm in Talks to buy Telenor Pakistan- A Major Dent to Telenor’s Asian Dreams

After many rumors regarding the acquisition of Telenor, it seems finally the MNO is going to wave goodbye to Pakistan and the ownership is going in hands of an Emirati firm. After exiting from Mayanmar due to eco-social issues, the company is exiting from Pakistan as well due to the increasing cost of doing business in the country since an Emirati Firm is in Talks to buy Telenor Pakistan.

Telecom Pakistan is said to be in talks with an Emirates-based multinational telecom firm to sell its operations. While the company has not officially announced anything about it, however, sources have claimed that the talks between both firms have reached advanced stages.

A few months back, Sigve Brekke, CEO of Telenor group hinted that the company is thinking of shutting down its operations in Pakistan even though the company has enlisted the services of Citigroup to carry out the bidding process.

The sources also revealed that the Emirati group has a good presence in Pakistan and with this acquisition, it is further going to strengthen its footprints in the country.

The growing cost of doing business in the country became the main reason since the company was in loss due to the appreciation of the US dollar.

It is evident that the company would be looking to cut down its losses and will start operations in regions where there are better business prospects and higher ROI.

Reportedly, the company has asked bidding price between $1 billion and 1.2 billion however the Emirati firm is looking to spend $780-910 million to buy Telenor Pakistan. Let’s see when the deal will be finalized.

While this news is not a surprise since from the last few quarters, it was evident that the company will be exiting the Pakistani market any time soon. Since it has also left other Asian markets including Thailand, Myanmar, and Indonesia. Now the only Asian Market left is Bangladesh and the position of the company there also hints at the same fate. So there is nothing Next, just that we have to wave goodbye to the operator in the coming months.

Also Read: How to Load Telenor Card? 5 Ways to Recharge your Telenor Number

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Fizza Atique

Fizza Atique is a Tech writer specializing in the intersection of tech and culture. She likes photography, VR, electronic music, coffee, and baking.

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