Telenor Group: Telenor To Sell Its Pakistan Business For $1bn

Nov 11, 2022 | Posted by Abdul-Rahman Oladimeji

Telenor is looking to continue its plans to exit the Pakistan mobile market by selling off its business. The sale could be worth $1 billion. According to Bloomberg, the company is working with Citigroup to explore potential bidders for the Pakistan business. According to reports, there is interest from bidders in the Middle East and Asia in the company. 

Telenor is highly interested in leaving the market after it announced a $244m damage on operations in the country earlier in July. The company’s earnings also dropped by 22% in Q3 of 2022. However, rumors of a potential sale increased the company’s shares by 2.4% as of November 9. 

The telecommunication company serves more than 175 million customers across Asia and the Nordics. The company also expects its customer base to exceed 200 million in the coming years.

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