e& completes Telenor Pakistan buyout

UAE telecoms operator e&, formerly known as Etisalat, said its subsidiary in Pakistan has completed the acquisition of Telenor Pakistan following regulatory approvals.

The transaction has an enterprise value of PKR108 billion ($381 million) on a cash-and-debt-free basis, the company said in a statement to the Abu Dhabi Securities Exchange.

The buyout is financed through debt raised by Pakistan Telecommunication Company Limited, in which e& holds a 23.4 percent stake.

“The in-market consolidation will allow leveraging the combined entities’ capabilities to scale up coverage and improve the quality of services, supporting the economic growth of Pakistan,” the statement said.

As of September 2025, Telenor Pakistan reported annual revenue of PKR 133.7 billion ($477 billion). It was a wholly owned subsidiary of Norway state-backed Telenor.

The deal will add 6 percent and 5 percent to e& international’s revenues and Ebitda respectively, the statement said. The Emirates Investment Authority owns 60 percent of e&.

Shares in the company closed 1.5 percent higher at AED18.40 on Wednesday, rising over 12 percent in the last year.

Further reading:

• e& unit buys Norway’s telecoms subsidiary in Pakistan
• Growing subscriber base drives up e& profit and revenue
• Unit of UAE’s e& to buy Slovakian broadband operator