Norton Rose Dubai lands Etisalat instruction to acquire quarter stake in Pakistani telco

Norton Rose‘s Dubai-based partner Zubair Mir led an international team acting for the Emirates Telecommunications Corporation (Etisalat) on its $2.65bn (£1.48bn) acquisition of 26 per cent of the Pakistan Telecommunications Company (PTCL).

Norton Rose pitched for the work after it was put out to tender by the government of the United Arab Emirates, which owns Etisalat. Other international companies, including China Mobile, were involved in the bidding.

The deal, which took the form of a partial privatisation, saw Etisalat acquire the stake in PTCL from the Pakistan government. Although the Pakistan government maintains a majority stake in the business, PTCL will now be run by Etisalat, which has management control.

Mir was supported by London-based competition partner Michael Grenfell, litigation partner Antony Dutton and Frankfurt- based corporate finance partner Campbell Steedman.

Allen & Overy Dubai partner Simon Roderick acted for the government of Pakistan. The firm has advised the government throughout the privatisation process.