Airtel signs binding term sheet to merge Sri Lanka ops with Dialog Axiata

Bharti Airtel Limited, Dialog Axiata Plc, and Axiata Group Berhad, on Tuesday, entered into a binding term sheet to combine operations of Bharti Airtel Lanka (Private) Limited.

The company said in a regulatory filing, 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 the signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder approvals.

The parties will issue further announcements in due course should there be any material developments.

On Monday, Bharti Airtel announced its strategic partnership with Bridgepointe Technologies, a tech advisory firm that helps mid-market and enterprise companies bridge the gap between tech investments and business results.

In a filing with the stock exchanges, the company said, the Airtel-Bridgepointe partnership will enable US enterprises interested in expanding to India and Africa to leverage Airtel’s digital infrastructure solution.

Airtel’s knowledge, experience, and understanding of every layer of the communications ecosystem, combined with the company’s commitment to sustainability, create the perfect framework for partnerships with companies such as Bridgepointe looking to expand into India and Africa.

“At Airtel, we have massive network investments, a strong product ecosystem, and a large customer base, especially in India and Africa. We are delighted to collaborate with Bridgepointe to extend our extensive suite of products to their customer base,” said Vani Venkatesh, CEO - Global Business, Bharti Airtel.