Hutch Lanka completes merger with Etisalat Lanka

06 Dec 2018
00:00

CK Hutchison has completed the merger of its operations in Sri Lanka with Etislat Lanka, the subsidiary of Emirati based Etisalat.

Under the merger agreement, first announced in April, Etisalat has completed the sale of its 100% shareholding in Etisalat Lanka to Hutch Lanka in return for a 15% stake in the combined entity.

CK Hutchison will maintain a majority and controlling 85% stake in the operator, which by various estimates is now Sri Lanka's second largest by market share with a market share of 25-27%.

The merger will put the combined company in a better position to compete with market leader Dialog Axiata, which has around 44% of the market, as well as smaller rivals Mobitel and Airtel Lanka.

Etisalat is pulling out of the market as part of its portfolio optimizaton strategy.

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