Dialog Axiata PLC (COSE:DIAL.N0000) completed the acquisition of Bharti Airtel Lanka Private Limited from Bharti Airtel Limited.
June 25, 2024
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Dialog Axiata PLC (COSE:DIAL.N0000) entered into a binding term sheet to acquire Bharti Airtel Lanka Private Limited from Bharti Airtel Limited (BSE:532454) on May 2, 2023. Under the terms, Dialog will issue new shares upon completion of the transaction. Dialog will issue its ordinary voting to Bharti Airtel which will amount to 10.355% of the total issued shares of Dialog by way of a share swap. The operation of Bharti Airtel Lanka will be combined with Dialog. The proposed transaction is subject to signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder approvals. The transaction is subject to the approval of Dialogs shareholders. The deal is also yet to receive approval from Colombo Stock Exchange and other applicable legal, corporate and regulatory compliance procedures. The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted its approval for the proposed merger. As on April 18, 2024 Dialog Axiata PLC entered into a definitive agreement to acquire Bharti Airtel Lanka Private Limited from Bharti Airtel Limited.
Dialog Axiata PLC (COSE:DIAL.N0000) completed the acquisition of Bharti Airtel Lanka Private Limited from Bharti Airtel Limited (BSE:532454) on June 26, 2024. Upon completion of the transaction, Dialog holds 100% shareholding of Airtel Lanka and Bharti Airtel holds 10.355% shareholding of Dialog.
Dialog Axiata PLC and its subsidiaries provide communication services, such as mobile, fixed, broadband, international gateway services; telecommunication infrastructure services, such as tower infrastructure and transmission services; media, such as digital television services based on multiple media- satellite, cable, terrestrial; digital services, including but not limited to digital commerce mobile and eCommerce; electronic payments, including mobile payment; digital health, education, navigation and enterprise services and financial services; software solutions, data center services, manpower services, provision of Information Technology and venture capital investment activities. It operates in three segments: mobile operation, fixed telephony and broadband operation and television operation. The Company serves various industries, including banking, finance and insurance; construction and real estate; government, agriculture and fisheries and leisure and food and beverage.