Cash-Strapped PSO Wants to Somehow Buy Telenor Pakistan
Pakistan State Oil (PSO) wants to buy Telenor operations in Pakistan and intends to participate in the first round of bids for the telecom’s company business in the country.
The PSO board of directors has approved completing the requirements before submitting a bid for Easypaisa and Telenor Pakistan, The News reports. According to the source, PSO has finished the offer documents and is doing its due diligence in the hopes of acquiring shares of Easypaisa and Telenor.
Telenor is forward with preparations to sell its businesses, which could fetch about $1 billion. The business will shortly be open for first-round bids, according to the operator and Citigroup Inc.
In addition to Pakistan’s largest oil marketing firm (PSO), other, comparatively better-positioned companies have expressed interest in acquiring the entire operation and management of Telenor Pakistan.
Telenor Group, which has telecom businesses in nine nations around Europe and Asia, is now refocusing on European markets following the merger of its Thai operations. If PTCL is successful in acquiring Telenor’s domestic operations, they may merge Telenor with Ufone, the cellular division of the PTCL Group, in Pakistan.
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