Pakistan’s competition watchdog gave the green light for Pakistan Telecommunications Company (PTCL) to acquire Telenor Group’s local mobile unit, creating the second-largest mobile player in the country after Veon-owned Jazz.

A Competition Commission of Pakistan statement said it approved the acquisition, first announced in December 2023, along with the purchase of Orion Towers by PTCL. Telenor Pakistan’s tower unit owns and manages about 7,500 towers in the country.

Both deals are subject to “extensive conditions designed to preserve competition” and ensure non-discriminatory access.

The conditions imposed include PTCL and the merged entity maintaining separate boards and independent management structures, and the appointment of an independent third-party reviewer to monitor compliance, audit transactions and submit quarterly reports for five years.

PTCL’s mobile unit Ufone ended September with 26.7 million mobile connections, while Telenor Pakistan had 42.3 million, data from GSMA Intelligence showed.

Market leader Jazz closed Q3 with 74.4 million and China Mobile-backed Zong had 49.4 million.