Dialog Axiata PLC (Dialog) has successfully completed the acquisition of Bharti Airtel Lanka (Airtel Lanka) Limited via a share swap agreement, strengthening Dialog's position as the leading player in Sri Lanka’s telecom sector and expanding its capacity to provide innovative digital products and services.
The acquisition, which began in May 2023, concluded with Dialog purchasing all of Airtel Lanka's issued shares. Following the share swap, Axiata now owns 73.75% of Dialog, while Airtel Lanka will own 10.355% and the public holds the remaining 15.895%.
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In order to serve their respective customer base, Dialog intends to combine operations and retain the Dialog and Airtel trademarks by integrating Airtel Lanka in accordance with the Companies Act.
Supun Weerasinghe, Chief Executive of Dialog Axiata PLC, expressed his gratitude to all the parties who made the successful acquisition possible.
“This milestone marks the conclusion of the acquisition of Airtel Lanka, and we warmly welcome the Airtel team and all 3 million subscribers on the Airtel network to the Dialog family,” said Weerasinghe.
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The merger is expected to generate synergies that will stimulate growth in Sri Lanka's digital economy. Dialog seeks to utilize the collective strengths of both companies to develop and improve connectivity solutions for both consumers and enterprises.
Weerasinghe also stressed the need to develop leading innovations in Sri Lanka's telecommunications industry, establish new standards in connectivity, and enable both enterprises and individuals to succeed in an ever-growing digital environment.
“This strategic move underscores our commitment to setting new benchmarks in connectivity and empowering businesses and individuals alike to thrive in an increasingly digital world,” concluded Weerasinghe.
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