Dialog Axiata’s long-awaited acquisition of Airtel Lanka was finally closed, following the completion of a share sale transaction.

In a filing, Dialog explained it acquired 100 per cent of the issued shares in Bharti Airtel Lanka via a share swap. Axiata Group now owns 73.8 per cent of Dialog, Bharti Airtel holds a 10.4 per cent stake and the remaining shares are held by the public.

Dialog chief executive Supun Weerasinghe stated the merger “positions us to drive substantial growth”, not just in customer experience and innovation, but also in contributing to the digital economy of Sri Lanka.

The tie-up is backed by the Telecommunications Regulatory Commission, the Board of Investment, the Colombo Stock Exchange and the Central Bank of Sri Lanka.

In May 2023, Dialog signed an agreement with Bharti Airtel to buy its local operations.

Dialog ended March with 17.2 million mobile connections, while Airtel Lanka had 3 million, GSMA Intelligence showed. Mobitel was second with 8.3 million.