KARACHI – The Board of Directors of International Finance Corporation (IFC) has greenlighted the debt financing up to $400 million for Pakistan Telecommunication Company Limited to acquire Telenor Pakistan (Private) Limited.
PTCL has informed the Pakistan Stock Exchange (PSX) about the development through a notice. It said that financing agreement is expected to be completed on or before July 31, 2024.
It said that the details of the $400 million debt financing will be revealed after the agreement is fincalised.
Last year in December, the PTCL signed a Share Purchase Agreement (SPA) with the shareholders of Telenor Pakistan for acquisition of its 100% shares.
The agreement was based on an Enterprise Value of Rs108 billion on a cash-free, debt-free basis, said media reports.
