Bharti Airtel's Merger Deal with Dialog Axiata in Sri Lanka Gets Regulatory Approval
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Bharti Airtel Services announced that it has finalized a deal to merge its operations in Sri Lanka with those of Axiata Group and Dialog. As part of the merger, Dialog will acquire all of Airtel Lanka's issued shares, and in exchange, the latter will exchange ordinary voting shares worth 10.355% of Dialog's total issued shares with Bharti Airtel.
“The transaction is contingent upon the fulfillment of certain requirements specified in the share sale agreement, such as clearance from the Colombo Stock Exchange (CSE) and other relevant legal, corporate, and regulatory compliance processes. It is also subject to the approval of Dialog's shareholders,” the telco said in a statement.
The proposed merger has received permission from the Telecommunications Regulatory Commission of Sri Lanka (TRCSL).
“Dialog and Airtel Lanka's merger is consistent with Axiata's resilience and market consolidation strategy. Through attainable synergies, the combination will benefit Dialog Axiata PLC and Axiata Group shareholders. We are eager to collaborate with Airtel Lanka and its staff as we merge the two businesses since we have the utmost regard for them,” the Managing Director and Group CEO of Axiata Group Berhad, Vivek Sood, stated.
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“We are pleased to combine Dialog with our Sri Lankan activities. We are optimistic that our customers will continue to enjoy state-of-the-art services on a seamless network given their size and distinctive offerings,” Bharti Airtel's MD and CEO, Gopal Vittal, stated.
According to the companies, the combination would allow the combined company to obtain economies of scale and lessen infrastructure duplication, as well as achieve technological and capital expenditure synergies that would improve high-speed broadband connectivity, voice, and value-added services, cost savings, and operational efficiencies.
“Customers will gain from the merger of Dialog and Airtel Lanka operations, which will open up new avenues for development and innovation.” According to Ashish Chandra, CEO of Bharti Airtel Lanka.
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