Dialog Axiata PLC, Axiata Group Berhad, and Bharti Airtel Ltd. have finalized a share sale transaction, with Dialog acquiring 100% of the issued shares in Bharti Airtel Lanka Ltd. through a share swap. Following this, Axiata holds 73.75% of Dialog, Bharti Airtel owns 10.355%, and the public holds 15.895% of the shares. Dialog plans to amalgamate Airtel Lanka under the Companies Act, with Dialog remaining as the merged entity.
This consolidation, initially announced in May 2023, marks a significant milestone in Sri Lanka’s telecommunications industry, combining the strengths of both companies to deliver a superior digital telco experience and contribute to the country’s digital ecosystem and economy. Post-merger, both Dialog and Airtel brands will continue to serve their customers, while network consolidation aims to enhance value and connectivity for consumers and enterprises.
Dialog Axiata PLC Chief Executive Supun Weerasinghe stated, “We welcome the Airtel team and its three million subscribers to the Dialog family. We thank the Government of Sri Lanka, the Telecommunications Regulatory Commission, the Board of Investment, the Colombo Stock Exchange, the Central Bank of Sri Lanka, Axiata, Bharti Airtel, and all stakeholders for their support in completing this transaction.”
Weerasinghe emphasized that the merger would leverage the combined strengths of Dialog and Airtel to advance Sri Lanka’s telecommunications sector, drive customer experience and innovation, and support the digital economy. This strategic move reaffirms Dialog’s commitment to setting new connectivity benchmarks and empowering businesses and individuals in a digital world.