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Bharti Airtel, Dialog Axiata PLC (Dialog) and Axiata Group Berhad (Axiata) have signed an agreement to combine their operations in Sri Lanka. Under the agreement, Dialog will acquire 100 per cent shares in Airtel Lanka, in consideration of which Dialog will issue to Bharti Airtel, ordinary voting shares which will amount to 10.355 per cent of the total issued shares of Dialog by way of a share swap.
The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted its approval for the proposed merger.
Vivek Sood, Group CEO and Managing Director of Axiata Group Berhad, said, “The merger between Dialog and Airtel Lanka is aligned to Axiata’s strategy of market consolidaƟon 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”.
Gopal Vittal, MD and CEO of Bharti Airtel, said, “We are happy to merge our Sri Lanka operations with Dialog. Given the scale and unique propositions they offer, we are certain that our customers will continue to enjoy cuƫng edge services on a seamless network.”
“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.
“It is a privilege to welcome the team at Airtel Lanka to the Dialog family and together we take a significant step forward in our commitment to delivering superior telecommunications services in Sri Lanka”, remarked Supun Weerasinghe, Director/Group Chief executive Officer of Dialog Axiata PLC.
Bharti Airtel stock rose 1.24 per cent to trade at ₹1,231.50 as of 11.02 am.
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