Bharti Airtel signs deal to merge Sri Lankan unit with Dialog Axiata

Bharti Airtel said on Thursday it has signed an agreement to merge the operations of its Sri Lankan unit with Dialog, the island nation’s largest telecom provider and a subsidiary of Malaysia’s Axiata Group Berhad.

Dialog will acquire 100 per cent of the issued shares in Airtel Lanka. In return, Airtel Lanka will be granted a stake in Dialog. “Dialog will issue to Bharti Airtel, ordinary voting shares which will amount to 10.35 per cent of the total issued shares of Dialog by way of a share swap,” said Bharti Airtel in a press release.