Emirates-based telecom firm in talks to buy Telenor Pakistan

KARACHI: Ownership of Pakistan’s second-largest cellular service provider may soon change hands as Telenor Pakistan looks to exit the country amid growing cost of doing business and shrinking prospects, a report said.

As per those privy to the development, Telenor Pakistan is said to be in talks with an Emirates-based multinational telecom firm to sell its operations.

As per insiders talks between the Emirati firm, which already has a strong presence in Pakistan, and Telenor have reached an “advanced stage”.

The company had reportedly set an asking price between $1 billion and $1.2bn, but the interested party is looking to spend $780-910 million on the acquisition.