Airtel Lanka to merge with Dialog Axiata in Sri Lanka

New Delhi: Bharti Airtel has signed a binding agreement to merge its Sri Lankan unit into market leader Dialog Axiata through a stock deal which will create a stronger number one in the country.

In a joint statement on Tuesday, the companies said under the pact Bharti Airtel will be granted a stake in Dialog, representing fair value of Airtel Lanka. Bharti Airtel will accordingly be issued new shares in Dialog upon completion of the deal.