Airtel and Axiata to merge Bangladesh operations
Axiata Group Berhad (Axiata) and Bharti Airtel will merge their telecom operations in Bangladesh. Both companies have signed a definitive agreement to merge their subsidiaries in Bangladesh — Robi Axiata Limited (Robi) and Airtel Bangladesh Ltd (Airtel). Upon completion, Axiata will hold 68.3 per cent controlling stake in the combined entity, while Bharti will hold 25 per cent. The remaining 6.7 per cent will be held by the existing shareholder, NTT Docomo of Japan.
The proposed transaction is subject to conditions precedent including receiving applicable approvals from relevant authorities and is expected to complete in the first half of 2016, according to a statement from Bharti Airtel.