Telenor CEO on Norwegian telco exiting Pakistan after 18 years

Norway’s Telenor agrees to sell its Pakistan unit to Pakistan Telecommunications for $490 million. The sale is part of Telenor’s restructuring of its Asian businesses, focusing on bigger units in Thailand and Malaysia. The deal is subject to regulatory approvals and is expected to close in 2024. Telenor CEO Sigve Brekke stated that the sale was the best alternative after failing to merge in Pakistan. Telenor’s remaining Asian portfolio includes Grameenphone in Bangladesh, CelcomDigi in Malaysia, and True Corp in Thailand.