Dialog, Axiata Group, and Bharti Airtel have signed a Definitive Agreement to merge operations in Sri Lanka, aiming to deliver a superior experience to customers and improve returns to shareholders. Under this agreement, Dialog will acquire 100% of the issued shares in Airtel Lanka. In exchange, Dialog will issue ordinary voting shares to Bharti Airtel, amounting to 10.355% of the total issued shares of Dialog through a share swap. The transaction is subject to approval from Dialog’s shareholders and completion of specific conditions outlined in the Share Sale Agreement.
The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has approved the proposed merger, emphasizing its commitment to advancing telecommunications services across the country. This consolidation is expected to yield economies of scale, reduce infrastructure duplication, and achieve synergies in technology and capital expenditure. It will lead to enhanced broadband connectivity, voice, and value-added services, along with cost savings and operational efficiencies.
Vivek Sood, Group CEO and Managing Director of Axiata Group Berhad, stated that the merger aligns with Axiata’s strategy of market consolidation and resilience, creating value for shareholders and achieving synergies. Dr. Hans Wijayasuriya, CEO Telecommunications Business and Group Executive Director of Axiata, emphasized that the merger will contribute to the growth and sustainability of Sri Lanka’s telecom sector, bringing new frontiers in customer experience and innovation.
Gopal Vittal, MD & CEO of Bharti Airtel Limited, expressed satisfaction with merging operations with Dialog, stating confidence that customers will continue to enjoy cutting-edge services on a seamless network. Supun Weerasinghe, Director/Group Chief Executive of Dialog Axiata PLC, welcomed the Airtel Lanka team to the Dialog family, emphasizing the commitment to delivering superior telecommunications services in Sri Lanka.
Ashish Chandra, Chief Executive Officer of Bharti Airtel Lanka (Private) Limited, highlighted the integration of Dialog and Airtel Lanka operations, anticipating new opportunities for innovation and growth to benefit consumers.