Dialog Axiata PLC (Dialog), Axiata Group Berhad (Axiata), and Bharti Airtel Limited (Bharti Airtel) have successfully completed the share sale transaction.
Accordingly, Dialog has acquired 100 percent of the issued shares in Bharti Airtel Lanka (Airtel Lanka) through a share swap.
Post this share swap, Axiata holds 73.75 percent of Dialog while Bharti Airtel will own 10.355 percent and the remaining 15.895 percent of shares are held by the public.
In a statement, Dialog said it aims to amalgamate Airtel Lanka under the applicable provisions of the Companies Act, with Dialog remaining as the amalgamated entity.
This consolidation was first announced in May 2023.
Post-merger, Dialog and Airtel brands will continue to serve their respective customers, while the two networks will begin consolidation aimed at delivering exceptional value and superior connectivity solutions to consumers and enterprises.
“This milestone marks the conclusion of the acquisition of Airtel Lanka, and we warmly welcome the Airtel team and all 3 million subscribers on the Airtel network to the Dialog family,” said Supun Weerasinghe, Chief Executive of Dialog Axiata PLC.
As Dialog embarks on this transformative journey, its focus will be on leveraging the combined strengths of Dialog and Airtel to pioneer advancements in Sri Lanka's telecommunications sector.
“This merger positions us to drive substantial growth, not just in customer experience and innovation, but also in contributing to the digital economy of Sri Lanka. This strategic move underscores our commitment to setting new benchmarks in connectivity and empowering businesses and individuals alike to thrive in an increasingly digital world,” said Weerasinghe.