Hong Kong -based CK Hutchison and UAE-basedEtisalat have agreed to merge their mobile businesses in Sri Lanka, operating under the names Hutch Lanka and Etisalat Lanka. The companies said that the combined business should be better positioned to serve their Sri Lankan customers. The deal is part of Etisalat's stated strategy of portfolio optimization, according to an official statement on Thursday.
Upon completion of the transaction, Hutchison will have the majority and controlling stake in the combined entity. The completion of the transaction is subject to a number of conditions precedent, including securing the necessary competition and regulatory approvals in Sri Lanka.
The takeover would see the market reduced to four from five mobile operators. Dialog, controlled by Malaysia-based Axiata, is market leader, with a reported 12.8 million customers at the end of 2017, compared to a total of over 28 million mobile users in Sri Lanka, according to the regulator. Other players are local operator Mobitel with 6.8 million customers at the end of 2017 and Airtel with 2.2 million customers, other sources were quoted as saying in foreign media reports. - ENDS -
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