Telenor eyeing US$1B sale of Pakistan business

Telenor eyeing US$1B sale of Pakistan business

Telenor is pursuing the sale of its Pakistani operations, with invitations the first round of bids likely to be issued this month.

Bloomberg reports that the Norwegian group is working with Citigroup on the sale, which is valued at as much as US$1 billion. Citing anonymous sources, the news site noted that interest is expected from buyers with existing operations in Pakistan – likely companies based in the Middle East and Asia. Bloomberg noted that there is no guarantee a sale will be agreed.

In July this year, Telenor posted a US$244 million loss on the unit, and confirmed that it would carry out a strategic review. In October, Telenor reported that its earnings in Pakistan were down 22% for Q3, attributing this in part to increasing energy costs in the market. However, it noted that the government’s decision to revoke a SIM tax provided a gain that offset this loss.

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