Thursday, December 15, 2011

Dialog buys Suntel in Sri Lanka

Sri Lanka’s Dialog Broadband Network limited, a subsidiary of  PLC,has entered into a Share Purchase Agreement with Suntel Limited.

Accordingly, Dialog will purchase Suntel for a sum of US$ 40 million.

Dialog says in a statement that when the transaction is completed, both networks will be merged to provide advanced fixed line and broadband infrastructure to best standards.

Suntel commandeers a premium position in Sri Lanka’s fixed telecommunications sector and is ranked second in the sector in terms of fixed telecommunications business and Revenue Market share.

Suntel commenced operations in 1996 and is currently a subsidiary of Swedish telecom operator Overseas Telecom AB. Other shareholders of Suntel include NDB (National Development Bank PLC), C-Tech Investments (Private) Ltd, Kelmarsh Investments Ltd, Townsend Limited and International Finance Corporation (IFC).

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