Dialog Axiata PLC (COSE:DIAL.N0000) entered into a binding term sheet to acquire Bharti Airtel Lanka Private Limited from Bharti Airtel Limited (BSE:532454) on May 2, 2023. Under the terms, Dialog will issue new shares upon completion of the transaction. Dialog will issue its ordinary voting to Bharti Airtel which will amount to 10.355% of the total issued shares of Dialog by way of a share swap.

The operation of Bharti Airtel Lanka will be combined with Dialog. The proposed transaction is subject to signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder approvals. The transaction is subject to the approval of Dialogs shareholders.

The deal is also yet to receive approval from Colombo Stock Exchange and other applicable legal, corporate and regulatory compliance procedures. The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted its approval for the proposed merger. As on April 18, 2024 Dialog Axiata PLC entered into a definitive agreement to acquire Bharti Airtel Lanka Private Limited from Bharti Airtel Limited.