Airtel signs binding term sheet to merge Sri Lanka ops with Dialog Axiata

Bharti Airtel Limited, Dialog Axiata Plc, and Axiata Group Berhad, on Tuesday, entered into a binding term sheet to combine operations of Bharti Airtel Lanka (Private) Limited.

The company said in a regulatory filing, the proposed transaction envisages Airtel being granted a stake in Dialog, representing the fair value of Airtel Lanka. Airtel would accordingly be issued new shares in Dialog upon completion of the transaction.

Discussions with respect to the proposed transaction are ongoing between the parties and also with the relevant regulatory authorities as per applicable laws and regulations. The proposed transaction is subject to the signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder approvals.