Dialog Axiata has acquired 100 per cent stake in Bharti Airtel’s subsidiary Airtel Lanka in Sri Lanka following the completion of an all-stock deal.
According to NSE and BSE filings, upon completion of the transaction, Dialog holds 100 per cent shareholding of Airtel Lanka and Bharti Airtel holds 10.355 per cent shareholding of Dialog.
In April 2024, Bharti Airtel had received clearance from Sri Lanka’s Telecommunications Regulatory Commission to merge Air Lanka with Dialog Axiata through an all-stock deal. Under a definitive pact then signed between Dialog Axiata, Axiata Group Berhad and Bharti Airtel, Dialog was to acquire 100 per cent of the issued shares in Airtel Lanka. For this, Dialog, in turn, would issue ordinary voting shares totalling 10.355 per cent of the total issued shares to Airtel by way of a share swap.
The deal was now concluded on June 26, 2024.
