Pakistan Approves EY-Parthenon Consortium for Lahore and Karachi Airports Outsourcing Amid Lesco and Mepco Privatisation Plans
The Pakistan Privatisation Commission approved a consortium led by EY-Parthenon on Tuesday, August 11, 2026, as the top-ranked financial adviser for outsourcing operations at Lahore and Karachi international airports. This decision, finalized during the 257th meeting of the Privatisation Commission Board chaired by Muhammad Ali, marks a critical shift toward private sector capital integration for state-run aviation assets.
Navigating Capital Expenditure and Advisory Frameworks
The board’s selection of the EY-Parthenon consortium sets off a formal structuring phase for Allama Iqbal International Airport in Lahore and Jinnah International Airport in Karachi. According to official board disclosures, a dedicated negotiation committee was immediately constituted to finalize the Financial Advisory Services Agreement (FASA) with the winning bidders. Transaction structuring of this scale requires specialized legal and financial frameworks.
Advisory mandates are expanding across Pakistan’s public sector portfolio. Last month, the Manila-based Asian Development Bank (ADB) secured the role of financial and transaction adviser for the outsourcing of New Islamabad International Airport.
Power Distribution Assets Enter Major Transaction Pipeline
Beyond aviation infrastructure, the Privatisation Commission board officially declared the privatization of Lahore Electric Supply Company (Lesco) and Multan Electric Power Company (Mepco) as major transactions. Under applicable commission regulations, this designation makes the appointment of financial advisers mandatory. The board will now initiate formal solicitation processes for these energy assets.
Lesco and Mepco represent the fourth batch of power distribution companies slated for divestment. Privatization efforts for earlier batches are moving through various operational milestones. Faisalabad Electric, the first distribution company in the initial batch, recently attracted expressions of interest from a dozen domestic and international investors. Those proposals are currently under review by commission evaluators, while the submission deadline for two other distribution companies in that initial grouping remains two months away.