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Airtel & Axiata sign binding term sheet to combine operations in Sri Lanka

Dialog Axiata Plc, Axiata Group Berhadm and Bharti Airtel, on Tuesday, have entered into a binding term sheet to combine operations of Bharti Airtel Lanka. Bharti Airtel Lanka is Airtel’s wholly-owned subsidiary with Dialog, a subsidiary of Axiata Group Berhad.

The proposed transaction envisages Airtel being granted a stake in Dialog, representing the fair value of Airtel Lanka, Bharti Airtel revealed in a statement. Furthermore, Airtel will accordingly be issued new shares in Dialog upon completion of the transaction.

The Delhi-headquartered telecom services provider said that the discussions with respect to the proposed transaction are ongoing between the companies, and also with the relevant regulatory authorities as per applicable laws and regulations.

However, the proposed transaction is subject to signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder approvals. Additionally, the parties will issue further announcements in due course should there be any material developments.

At the beginning of the month, Bharti Airtel partnered with Bridgepointe Technologies under Global Channel Partners Programme. The partnership would enable US enterprises in expanding to India & Africa to leverage Airtel’s digital infrastructure solution.

Last month, the telecom company joined hands with Secure Meters to deploy 1.3 m NB-IoT powered smart meters in Bihar.

In March, Airtel, along with India Post Payments Bank, launched WhatsApp Banking Services.

The stock of Bharti Airtel settled at Rs 79.20 apiece, down over 9 percent, when the market closed today, May 2, 2023. CNBCTV18

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