Pakistan Telecommunication Company Limited (PTCL) on Wednesday announced that it has completed the acquisition of 100% shareholding of Telenor Pakistan (Private) Limited and Orion Towers (Private) Limited. The company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) today. “It is to notify that PTCL on December 31, 2025, has acquired 100% of the shareholding of Telenor Pakistan (Private) Limited and Orion Towers (Private) Limited, and shares have been duly transferred in the name of PTCL,” read the notice Earlier this month, the Pakistan Telecommunication Authority (PTA) approved the merger of Telenor Pakistan with Pakistan Telecomm­unication Company Ltd (PTCL). The PTA issued the long-awaited No Objection Certificate (NOC), formally approving the change of control and paving the way for one of the largest corporate transactions in the country’s history. The final approval, granted on December 6, came after a comprehensive regulatory process that had been underway for several months. The acquisition stems from a Share Purchase Agreement signed on December 14, 2023, valuing the deal at approximately Rs108 billion (USD 380–400 million). The transaction underwent rigorous scrutiny by both the PTA and the Competition Commission of Pakistan (CCP), which examined the deal to ensure that market competition and consumer welfare would not be adversely affected. The PTA had initially issued a conditional approval for the Change of Control (COC) on November 30, 2025, outlining safeguards designed to prevent market concentration and ensure fair competition. After PTCL unconditionally accepted those conditions, the PTA issued its final NOC, allowing the transfer of substantial ownership interest to proceed. Analysts say the acquisition marks a defining strategic moment for PTCL, positioning it to significantly expand its share in the mobile market and leverage a combined network, infrastructure footprint, and subscriber base.