The Competition Commission of Pakistan (CCP) announced conditional approval of PTCL’s acquisition of 100% of Telenor Pakistan and Orion Towers on 1 October 2025. The decision is no longer pending, but the available company milestones do not establish that every regulatory condition, legal transfer step or customer-facing integration has been completed. The claim that the deal was “backed by SIFC” is not verified by the cited primary sources.
What the acquisition covers
PTCL is acquiring the entire shareholding of Telenor Pakistan (Private) Limited and Orion Towers (Private) Limited from Telenor Pakistan B.V. PTCL’s shareholder notice describes the same 100% share acquisitions. Orion Towers is included in the transaction alongside the mobile operator; the deal is not limited to Telenor Pakistan’s customer-facing telecom business.
CCP’s 1 October 2025 approval announcement and PTCL’s notice of its 9th Extraordinary General Meeting set out the transaction scope.
Why the CCP reviewed the merger in phases
PTCL filed its pre-merger application in March 2024. After Phase I, the CCP said the proposed transaction met the Competition Act’s presumption of dominance and moved it to a Phase II review. That presumption prompted closer scrutiny; it is not, by itself, a finding that the deal would harm consumers.
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The CCP identified five relevant product markets within Pakistan:
- Retail LDI fixed-line telecommunications
- Retail mobile telecommunications
- Wholesale domestic leased lines
- Wholesale IP bandwidth
- Individual mobile/fixed interconnect
These are the markets the regulator said it would examine, not a conclusion that competition was harmed in each one. The CCP described the Phase II decision in its 7 May 2024 announcement.
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Competition concerns and potential benefits considered
During the review, the CCP said it was assessing whether the number of cellular mobile operators could fall from four to three. That was a potential effect considered by the regulator, not a post-merger count or a measured finding about market outcomes.
The review also considered possible benefits: cost efficiencies and economies of scale, broader network coverage, additional capacity and improved service quality. These were potential benefits to examine, not verified results of the acquisition. The CCP’s 20 August 2024 stakeholder-engagement announcement describes the issues and possible benefits under consideration.
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What conditional approval requires—and what remains unclear
On 1 October 2025, the CCP announced approval subject to extensive conditions intended to preserve competition, secure non-discriminatory access and pass efficiencies through to consumers. It specifically said PTCL and Merge Co must submit existing and future Reference Interconnect Offers to the Pakistan Telecommunication Authority (PTA) for approval.
The announcement does not, on its own, provide the complete operative order. It therefore does not support a complete account of every condition or establish how each has been implemented. The CCP announcement is the available public summary; PTCL also disclosed the Phase II order to the Pakistan Stock Exchange in a company filing.
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What later PTCL milestones establish
PTCL’s notice for its 20 November 2025 extraordinary general meeting says the CCP had issued its Phase II order and seeks shareholder authorization for the acquisition. A PTCL video published on 31 December 2025 describes Telenor Pakistan as welcomed into the PTCL family. These are evidence of subsequent corporate steps and public messaging, but they do not establish the exact legal completion date, the status of every regulatory condition or completion of all customer-facing integration.
See PTCL’s meeting notice and its 31 December 2025 video.
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Is the acquisition backed by SIFC?
The primary sources cited here do not confirm that the Special Investment Facilitation Council (SIFC) backed, facilitated or approved the acquisition. That attribution should not be treated as established without a direct statement from SIFC, a regulator document or a company filing. The evidence supports describing the CCP’s conditional approval and PTCL’s subsequent milestones, not assigning SIFC a role.
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