- acquisition to provide outstanding experience and boost shareholder returns
- Integration did unlock new possibilities for creativity, growth & gain shoppers
A Clear Agreement was signed between Bharti Airtel Ltd., Axiata Group Bhd., and Dialog Axiata PLC. In exchange for receiving 100 % of the issued stocks in Airtel Lanka, Dialog will matter to Bharti Airtel ten common voting stock in the amount of 10. By way of a share transfer, 35 % of the entire stock of Dialog are issued. The transaction is pending the completion of the specific conditions set forth in the Share Sale Agreement, including obtaining Colombo Stock Exchange ( CSE ) clearance and completing other applicable legal, corporate, and regulatory compliance procedures. The proposed merger has been approved by the Telecommunications Regulatory Commission of Sri Lanka ( TRCSL), underscoring its commitment to promoting the adoption of telecommunications services throughout Sri Lanka. This consolidation will make it possible for the merged entity to obtain scale savings and administrative efficiency, as well as reduce duplication of infrastructure and obtain synergies in terms of technology and capital expenditures that may improve high-speed broadband connectivity.
The merger between Dialog and Airtel Lanka is in line with Axiata’s strategy of market consolidation and resilience, according to Vivek Sood ( pic ), Group CEO and Managing Director of Axiata Group. Through attainable synergies, the consolidation did bring value to Dialog Axiata PLC and Axiata Group’s owners. We have the greatest admiration for Airtel Lanka and its workers, and we look forward to collaborating on the integration of the two businesses. ”
This acquisition, according to Dr. Hans Wijayasuriya, CEO of Axiata’s Telecommunications Business and Group Executive Director, is a positive step forward for Sri Lanka’s premier telecoms sector’s growth and sustainability. We anticipate the company’s fresh user experiences and innovations to be of use to Sri Lankan businesses and consumers. ”
Gopal Vittal, MD & Bharti Airtel, the CEO, stated,” We are glad to combine our activities in Sri Lanka and Dialog. We can assure our customers that despite their size and unique propositions, they will continue to receive cutting-edge services over a smooth system. ”
Supun Weerasinghe, Director/Group Chief Executive of Dialog Axiata, praised the staff at Airtel Lanka as a “priority addition to the Dialog family” and said,” We take a major step forward in our commitment to providing excellent telecommunications companies in Sri Lanka.”
“The integration of Dialog and Airtel Lanka operations will unlock new opportunities for innovation and growth, and this will benefit consumers, ” said Ashish Chandra, CEO, Bharti Airtel Lanka ( Private ) Ltd.