Mobitel’s acquisition of Hutch to conclude ‘shortly’

2 Feb 2016

Sri Lanka’s Telecommunication and Digital Infrastructure Minister Harin Fernando has revealed that the takeover of cellco Hutchison Telecommunications Lanka (Hutch) by Mobitel, the cellular division of state-controlled Sri Lanka Telecommunications (SLT), will be concluded ‘shortly’, Ceylon Today reports. The deal – which is estimated to value the unit at between USD115 million and USD135 million – was agreed upon in February 2014, though disagreements over the purchase price were reportedly the reason behind the delay in regulatory clearance. Further, Mr Fernando revealed that the Telecommunications Regulatory Commission (TRC) has rejected an offer for Hutch from UK-based MVNO Lycamobile. The official said: ‘Too many operators are bad for the industry, which is why TRC rejected the Lycamobile proposal.’