Hutchison, UAE's Etisalat to merge mobile networks in Sri Lanka
Apr 26, 2018 18:55 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – Sri Lanka’s smaller mobile phone companies, Hutchison Telecommunications Lanka (Private) Limited (Hutch Lanka) and Etisalat Lanka (Private) Limited (ESL) are to merge.
Hong Kong’s CK Hutchison Group and the UAE’s Emirates Telecommunications Group Company PJSC (Etisalat) said in a statement they have entered into an agreement to merge their mobile telecommunications businesses in Sri Lanka.
“The combined business of Hutch Lanka and ESL will be better positioned to serve their Sri Lankan customers,” it said.
“This transaction is part of the stated strategy of portfolio optimization of the Etisalat Group. Upon completion of the transaction, CKHH Group will have the majority and controlling stake in the combined entity.”
The completion of the transaction is subject to a number of conditions precedent, which include securing the necessary competition and regulatory approvals in Sri Lanka, the statement said.
(COLOMBO, April 26, 2018)