Bharti Airtel Lanka to combine operations with Dialog Axiata

Tuesday, May 2nd, 2023 
Dialog Axiata logo

Dialog Axiata Plc — Corporate Disclosure

In terms of Section 8.1 of the Listing Rules of the Colombo Stock Exchange (“CSE”), we wish to inform you that Dialog Axiata PLC (“Dialog”), Axiata Group Berhad (“Axiata”) and Bharti Airtel Limited (“Airtel”) (collectively the Parties”), have entered into a binding term sheet to combine operations of Bharti Airtel Lanka (Private) Limited, Airtel’s wholly-owned subsidiary with Dialog. The proposed transaction envisages Airtel being granted a stake in Dialog, representing the fair value of Airtel Lanka. Airtel would accordingly be issued new shares in Dialog upon completion of the transaction.

Discussions with respect to the proposed transaction are ongoing between the Parties and also with the relevant regulatory authorities as per applicable laws and regulations. The proposed transaction is subject to signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder approvals. Dialog will provide further notifications to the CSE should there be any material developments.

Links: Dialog Axiata; Axiata Group; Bharti Airtel