Dialog Axiata PLC, Axiata Group Berhad and Bharti Airtel Limited have signed a definitive agreement to combine their operations in Sri Lanka.
Under the agreement, Dialog will acquire 100 percent of the issued shares in Airtel Lanka, in consideration of which Dialog will issue to Bharti Airtel, ordinary voting shares which will amount to 10.355 percent of the total issued shares of Dialog by way of a share swap, Bharati Airtel said in a disclosure to the exchanges on April 18.
The transaction is subject to the approval of Dialog’s shareholders and is pending the completion of specific conditions outlined in the share sale agreement, including clearance from the Colombo Stock Exchange (CSE) and completion of other applicable compliance procedures.
