Pakistan Telecommunication Company Limited (PTCL) has secured up to $400 million in debt financing from the International Finance Corporation (IFC), a World Bank member, to fund the acquisition of Telenor Pakistan and Orion Towers (Private) Limited.
The development was announced in a notice to the Pakistan Stock Exchange (PSX) on Friday. The IFC Board approved the financing on April 8, 2024, with final agreements expected by July 31, 2024.
The seven-year financing agreement, signed on June 27, 2024, includes a consortium led by IFC, the Silk Road Fund (SRF), and British International Investment (BII). Repayments will begin quarterly from the second anniversary of the loan.
PTCL President and Group CEO Hatem Bamatraf expressed enthusiasm about the deal, stating, “We are thrilled to witness the materialisation of this financing deal… We are eager to serve a larger customer base with renewed commitment.”
Last year, PTCL signed a Share Purchase Agreement (SPA) with Telenor Pakistan’s shareholders to acquire 100 percent of the shares for Rs108 billion ($385 million), indicating that the acquisition would be financed through external debt.
PTCL views this transaction as a significant opportunity for in-market consolidation, promising an improved long-term outlook for the telecom sector.
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