VEON (Buy, TP: US$40/ADR, +102%) Telenor Pakistan to be sold to Pakistan Telecommunications. Implications for VEON.
Telenor has announced the sale of its Pakistani unit to Pakistan Telecommunications ("PTCL") for USD 490m, implying a 2.8x EV/EBITDA. As PTCL also owns Pakistan's fourth operator, Ufone, the combined entity would effectively hold c.37% mobile subscriber share - slightly behind VEON's Jazz (38%). This is effectively a 4 to 3 player consolidation. Our thoughts belowTelenor is a holding company. Through its subsidiaries, Co. operates as a telecommunication company. Co. provides mobile communication, fixed line communication, and broadcasting activities. Co.'s mobile communication business includes voice, data, Internet, content services, customer equipment and messaging. Fixed service comprise telephony, Internet and television (TV), leased lines as well as data services and managed services. Broadcast comprises Canal Digital DTH in the Nordics, satellite broadcasting, terrestrial radio and TV transmission in Norway and Belgium and encryption related services for TV distribution.
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