The International Finance Corporation (IFC), a part of the World Bank, has greenlit a $400 million loan for Pakistan Telecommunication Company Limited (PTCL) to facilitate the acquisition of Telenor Pakistan.
In an announcement made to the main bourse on Monday, the company revealed, “It is to inform that the Board of Directors of International Finance Corporation (IFC) has approved the debt financing of up to US$ 400 million to PTCL for the acquisition of TPL.”
Last year, it was disclosed that PTCL had entered into a Share Purchase Agreement (SPA) with the shareholders of Telenor Pakistan (Private) Limited (TPL) for acquiring 100 percent shares of TPL. The acquisition was based on an Enterprise Value of Rs. 108 billion on a cash-free, debt-free basis.
The funding for this transaction will be sourced from external debt raised by the company. Currently, the finalization of workstreams to sign financing agreements with IFC is in progress and is anticipated to be concluded on or before July 31, 2024. Further details regarding the debt financing will be disclosed once the financing agreements are finalized, the filing added.
