Pakistan State Oil (PSO) has expressed interest in acquiring Telenor’s operations in Pakistan and is preparing to participate in the first round of bids for the telecom company’s business in the country. According to a report by The News, the PSO board of directors has approved fulfilling the necessary conditions before bidding on Easypaisa and Telenor Pakistan.
PSO has already completed the bidding documents and is currently conducting due diligence in hopes of acquiring stakes in Easypaisa and Telenor, the report added.Telenor is moving forward with plans to sell its operations, which could be worth roughly $1 billion, and is collaborating with Citigroup Inc. to invite first-round bids for the business.
Strategic buyers from the Middle East and Asia with existing operations/businesses in Pakistan are expected to make bids. Negotiations are reportedly underway, but there is no guarantee that they would result in a transaction.In addition to PSO, other relatively better-positioned organizations like PTCL Group have also shown interest in acquiring Telenor Pakistan’s operations and management in totality, ProPakistani reported on January 31st.
Telenor Group, which operates telecom businesses in nine markets across Europe and Asia, is now shifting its focus to European markets as it recently merged its operations in Thailand. A similar pattern could be followed in Pakistan, where PTCL might merge Telenor with Ufone, the cellular arm of the PTCL Group if they succeed in acquiring the former’s domestic operations. Telenor Group previously wrapped up its operations in India, Myanmar, and Indonesia as well