Sri Lanka’s Dialog Axiata’s subsidiary, Dialog Broadband Private Limited (DBN) yesterday entered into a share purchase agreement (SPA) to purchase 100 per cent of Suntel Limited, the second largest wireless fixed line operator in Sri Lanka, from its current shareholders.

A share purchase agreement signed between DBN and the shareholders of Suntel will be completed at an Enterprise Value in the range of US $ 33.9 million to US $ 34.9 million, subject to an outcome of confirmatory business valuation and due diligence during the period leading up to the completion of the transaction, a disclosure filed by Dialog Axiata said.
 
It also noted that this acquisition will be completed in a few months’ time and the two entities—DBN and Suntel will be merged to provide the customers of the respective entities with advanced fixed line and broadband services. It further noted that the merger of the two entities will be the single largest consolidation initiative within Sri Lanka’s telecommunications sector.