Dialog Axiata and Bharti Airtel seal deal to merge operations in Sri Lanka

Devdiscourse News Desk | New Delhi | Updated: 18-04-2024 11:37 IST | Created: 18-04-2024 11:37 IST
Dialog Axiata and Bharti Airtel seal deal to merge operations in Sri Lanka
Representative Image Image Credit: ANI
  • Country:
  • India
  • Sri Lanka

Dialog Axiata PLC, Axiata Group Berhad, a diversified telecommunications and digital conglomerate, and Bharti Airtel Limited, collectively "the Parties", have entered into a Definitive Agreement to merge their operations in Sri Lanka to deliver superior broadband experience to customers and improve returns to shareholders.

As part of the deal, Dialog will acquire 100% of the issued shares in Airtel Lanka. In return, Dialog will issue ordinary voting shares to Bharti Airtel which will amount to 10.355% of the total issued shares of Dialog by way of a share swap.

The proposed merger has received approval from the Telecommunications Regulatory Commission of Sri Lanka (TRCSL), underscoring its vision to advance the adoption of telecommunications services across Sri Lanka.

"The merger between Dialog and Airtel Lanka is aligned to Axiata's strategy of market consolidation and resilience. The merger will create value for Shareholders of Dialog Axiata PLC and of Axiata Group through achievable synergies. We have the utmost respect for Airtel Lanka and its employees and look forward to working together as we integrate the two companies," said Vivek Sood, Group CEO and Managing Director of Axiata Group Berhad.

"The integration of Dialog and Airtel Lanka operations will unlock new opportunities for innovation and growth, and this will lead to benefit consumers," said Ashish Chandra, Chief Executive Officer, Bharti Airtel Lanka (Private) Limited.

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