Telenor is a leading telecom company with operations across Europe and Asia. It is mainly owned by the Norwegian state, which holds a 53.97% stake. In recent years, Telenor has changed its business strategy by leaving some markets, including Pakistan. The sale of Telenor Pakistan to PTCL has reshaped the local telecom industry. This article explains Telenor’s ownership, market position, Pakistan exit, merger with Ufone, financial outlook, and future direction in simple and clear terms for young general readers today.
Who Owns Telenor?
Telenor is a public company, but the Norwegian government is its largest shareholder. The state owns 53.97% of Telenor’s shares. This ownership is managed through Norway’s Ministry of Trade, Industry and Fisheries.
The government’s large ownership stake gives the Norwegian state an important role in the company’s long-term direction. However, Telenor still operates as a commercial business and must answer to other shareholders.
Ownership Detail | Information |
Company name | Telenor ASA |
Majority shareholder | Norwegian state |
Government ownership | 53.97% |
Managing ministry | Ministry of Trade, Industry and Fisheries |
Stock exchange | Oslo Stock Exchange |
Stock symbol | TEL |
Why Telenor Sold Its Pakistan Business
Telenor entered Pakistan in 2005. Over the years, it built a large customer base and became one of the country’s main mobile operators. By 2023, Telenor Pakistan had more than 45 million subscribers, according to reports published when the sale was announced.
In December 2023, Telenor agreed to sell its Pakistan operations to PTCL. The reported sale value was about $490 million. Another estimate described the transaction as being worth 108 billion Pakistani rupees. Differences in dollar values can happen because exchange rates change over time.
The decision was part of Telenor’s broader strategy. The company had already completed major business changes in Malaysia and Thailand. It had also exited Myanmar. Telenor may have chosen to leave Pakistan for several reasons:
Strong competition among mobile operators
High network and operating costs
Pressure on profit margins
Economic and currency risks
The need to focus on stronger markets
A wider plan to simplify Asian operations
The sale did not mean that Telenor had failed completely in Pakistan. The company had built a large network, millions of customers, and a well-known brand. However, Telenor decided that selling the business was a better long-term choice.
PTCL’s Acquisition of Telenor Pakistan
PTCL is one of Pakistan’s largest telecom groups. It owns Ufone, a major mobile operator. PTCL is also controlled by the Pakistani state, which owns about 62% of the company. The UAE-based technology group e& owns a 26% stake and manages PTCL.
The Telenor deal was first announced in 2023, but regulatory reviews took around two years. The Competition Commission of Pakistan approved the transaction in 2025, with certain conditions. The Pakistan Telecommunication Authority later issued a No Objection Certificate.
In March 2026, the PTA also gave technical approval for the merger of Telenor Pakistan and Ufone. Legal steps, including an application for amalgamation before the Islamabad High Court, were still required.
Merger Area | Reported Position |
Buyer | PTCL |
Mobile brand owned by PTCL | Ufone |
Business acquired | Telenor Pakistan |
Initial deal announcement | December 2023 |
Technical merger approval | March 2026 |
Combined subscribers | About 70 to 72 million |
Combined towers | Around 26,000 |
Expected market position | Second-largest mobile operator |
Subscriber estimates vary by source and reporting date. TelecomTV estimated that Ufone and Telenor would have about 69.6 million customers combined. Dawn later reported a combined total of around 72.45 million.
These numbers may fall after the merger. Some people own both Ufone and Telenor SIM cards. Once the networks combine, they may keep only one number or move to Jazz or Zong.
What's Next After the Acquisition?
PTCL's plans may not stop with the acquisition of Telenor Pakistan. In July 2026, the company informed the Pakistan Stock Exchange (PSX) that its board had approved a binding offer to acquire a majority stake in an unnamed company.
Although PTCL has not revealed the target, many industry experts believe it could be a digital wallet. If the deal goes ahead, it would be another major step in expanding PTCL's digital services beyond mobile and internet connectivity. The proposed acquisition is still in its early stages. It must pass several important steps before it becomes official, including:
Due diligence
Successful commercial negotiations
Regulatory approvals
Final legal agreements
Some market observers believe the target could be Easypaisa because it was originally launched by Telenor Pakistan. Others have suggested different fintech companies. However, PTCL has not confirmed any names, and the reports remain speculation.
What the Merger Means for Customers
The merger is expected to create a stronger competitor in Pakistan’s mobile market. Jazz has the largest number of subscribers, while Zong also has a strong position. The combined Ufone and Telenor business could become Pakistan’s second-largest mobile operator. Customers may notice several changes over time:
Telenor SIM numbers are expected to continue working
Telenor users may move onto the Ufone network
Network coverage may improve in some areas
Duplicate telecom towers may be closed
Service plans and brand names may change
Franchises may be combined or reduced
The PTA placed conditions on the integration process. For example, franchise owners must receive at least six months’ notice before their agreements are ended. The regulator also placed limits on closing towers that are shared with other companies, such as Jazz and Zong. These rules are meant to protect customers, workers, franchise owners, and other telecom operators.
Financial Position and Investor View
Telenor’s 2026 financial results presented a mixed picture. Reports showed weaker quarterly sales and profit, but higher net income and earnings per share during the first half of the year.
Telenor’s share price had fallen by about 8% during 2026 and around 12% over a 90-day period, according to a July 2026 market analysis. However, its three-year total shareholder return was still reported at about 50%. Some analysts believed the shares could be undervalued. However, valuation estimates are not guaranteed. Telenor still faces risks from competition, network costs, spectrum expenses, and slower growth.
Telenor’s Future Direction
Telenor’s exit from Pakistan shows that the company is becoming more selective about where it operates. It appears to be focusing more strongly on Nordic markets and selected Asian partnerships.
Telenor remains an important global telecom company. Its Norwegian state ownership offers stability, while its stock market listing keeps it accountable to investors. Still, the company must continue improving efficiency, controlling costs, and investing in modern networks.
Conclusion
Telenor remains a major telecom company, but its strategy is changing. The Norwegian state continues to support the business as its largest shareholder. By selling Telenor Pakistan, the company reduced its exposure to a difficult market and focused more on stronger regions. At the same time, PTCL and Ufone gained customers, network assets, and greater market power. The final success of this change will depend on service quality, customer protection, cost control, and effective network integration in Pakistan overall today.
