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Message: <blockquote data-quote="Mal Baba" data-source="post: 6783227" data-attributes="member: 194988">UAE operator Etisalat has continued with its  global expansion plans by announcing that it has acquired Sri Lankan  telecoms company Tigo Sri Lanka, in a deal worth $207 million.   Etisalat will gain entrance into the nascent Sri Lankan  telecoms sector through the deal with Millicom International Cellular,  which sold the firm.  Tigo Sri Lanka started operations  two decades ago and is now Sri Lanka's second biggest mobile operator,  with a market share of 21% and about 2.25 million subscribers.  The  company competes with four other mobile operators, market leader Dialog  Telekom, Sri Lanka Telecom, Hutchison and Bharti Airtel. Despite fierce  competition, most analysts agree that there remains room for growth in  Sri Lanka's mobile sector, which has a penetration rate of just 52%.    Etisalat will also be able to offer 3G services in the country, as  Tigo Sri Lanka was licensed to offer 3G services in March 2009.  The  deal appears to fit Etisalat's strategy of gaining a foothold in Asia.  It already has investments in Pakistan, Afghanistan, Indonesia and  India.  Etisalat chairman Mohammed Hassan Omran says that  entering the Sri Lankan telecom market was "a logical addition" to the  company's interests in Asia.  "Entering the Sri Lankan  telecom market is a logical addition to our interests in the Asia  continent. The acquisition promises attractive returns as the Sri Lankan  Government is increasing its effort to promote foreign investment in  all sectors. The acquisition is of a mature operator with a strong  reputation for its good network and quality of service.  "We also  plan to invest in this company to ensure that it has the dynamism to  take the leading position in the market in the next few years and that  it continues its effective role in the development and growth of the  telecommunications sector in Sri Lanka," he adds.</blockquote>

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