Big Deal

Aug 26, 2009 (LBO) - The acquisition of a big stake in Sri Lanka Telecom, the island's dominant fixed-line operator, by Malaysia's Global Telecommunications Holdings NV has been nominated for a global mergers and acquisition award. The nomination has been made under the Media, Entertainment or Telecom Deal of the Year category of the awards by M&A Advisor.

Global Telecommunications Holding N.V, a Netherlands-based firm that is a unit of Malaysia's UT group, bought a 35.19 percent stake in Sri Lanka Telecom in 2008 at 50.50 rupees a share.

The deal, valued at 32 billion Sri Lanka rupees, was the largest ever deal in the history of the island's capital markets.

The Sri Lanka government is the largest shareholder in SLT with a 49.5 percent stake in the firm.