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Tuesday, July 23, 2024

Dialog acquires 100% of Airtel Lanka in share swap deal

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In Short:

Dialog Axiata, Sri Lanka’s top telecom company, has acquired Bharti Airtel’s subsidiary in the nation through an all-stock deal. Bharti Airtel now holds 10.355% of Dialog. The deal was approved by Sri Lanka’s telecom regulator and is now completed. Airtel customers will now receive services through Dialog’s network. Dialog has 17 million subscribers, while Airtel Lanka has 5 million. Airtel shares closed higher on the BSE Thursday.

Dialog Axiata Acquires Bharti Airtel’s Subsidiary in Sri Lanka

Sri Lanka’s leading telecom provider, Dialog Axiata, has completed the acquisition of Bharti Airtel‘s subsidiary in the country through an all-stock deal, giving Dialog 100% ownership of Airtel Lanka.

In a statement released on June 26, 2024, Bharti Airtel confirmed the completion of the share swap transaction, with Dialog now holding full control of Airtel Lanka while Bharti Airtel retains a 10.355% stake in Dialog.

Earlier in April, Bharti Airtel had obtained regulatory approval from Sri Lanka’s Telecommunications Regulatory Commission for the merger with Dialog Axiata. The agreement involved Dialog acquiring all issued shares of Airtel Lanka.

The deal, which was announced in April, has now been finalized, with Airtel shares closing 1.63% higher on the BSE.

In May 2023, Bharti Airtel and Dialog Axiata had entered into a binding agreement to combine their operations in Sri Lanka. With over 17 million subscribers, Dialog is the largest telecom operator in Sri Lanka, while Airtel Lanka has approximately 5 million subscribers.

Gopal Vittal, managing director of Bharti Airtel, emphasized that the merger would benefit Airtel customers in Sri Lanka by providing cutting-edge services on a seamless network.

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