S
ri Lankan telecommunications company Dialog Axiata Plc announced it has finalized the acquisition of Bharti Airtel Lanka (Private) Limited.
“On June 26, 2024, Dialog acquired 100% of the issued shares in Airtel Lanka,” the company stated in a stock exchange filing.
Dialog had revealed in April its plan to enter into a Share Sale Agreement with Bharti Airtel Limited to purchase all issued shares of Bharti Airtel Lanka Private Limited (Airtel Lanka).
As part of the acquisition, Dialog issued 952,694,689 ordinary voting shares to Bharti on Wednesday (26) through a share swap, representing 10.355 percent of Dialog’s total issued shares.
“Airtel Lanka is now a wholly owned subsidiary of Dialog. Dialog plans to merge with Airtel Lanka under the Companies Act No. 7 of 2007, with Dialog continuing as the amalgamated entity.”
Dialog mentioned it would provide further details on the completion of administrative procedures related to the amalgamation with Airtel Lanka.
The share price closed at 9.90 on Thursday.
