
After much anticipation, the PTCL Telenor merger is now one step closer to reality, with the Competition Commission of Pakistan (CCP) likely to grant conditional approval within days.
The $400 million deal will see Pakistan Telecommunication Company Limited (PTCL) acquire Telenor Pakistan and has been under review by the CCP for more than 18 months.
There are reports from officials stating that PTCL's Policy Board has accepted the stringent terms and conditions proposed by the regulator.
This then paves the way for the CCP to formally issue its order, which, if approved, could disrupt the Pakistan telecom market by producing a stronger operator out of PTCL's Ufone and Telenor Pakistan.
The CCP has conducted one of its most extensive merger reviews on record. It adopted the Substantial Lessening of Competition (SLC) Test and studied several segments, including mobile services, long-distance international calling, fixed-line and IP bandwidth.
The regulator has hosted five public hearings and numerous private sessions with each company from September 2024 to August 2025. Data points on interconnection agreements, business motives, and financials were requested to mitigate any concerns regarding dominance.
Despite corporate and political pressure to move faster, CCP chairman Kabir Sidhu stressed that transparency and public interest came first. At one stage, a legal counsel argued the regulator had become “functus officio,” but the commission dismissed the claim and continued its review.
Experts believe that while the PTCL–Telenor merger may create a highly concentrated player, CCP’s conditions on pricing, infrastructure sharing, and fair treatment of rivals could balance risks. If applied effectively, the merger could also improve service quality, cut infrastructure costs, and bring efficiencies to the sector.