VEON Announces Russian Regulatory Approval for Sale of Its Operations
February 08 2023 - 02:00AM
Amsterdam, Netherlands, 8 February 2023
08:00 CET – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam:
VEON), a global digital operator that provides converged
connectivity and online services, today announces that approval has
been received from Russian regulatory bodies for the proposed sale
of its Russian operations.
Kaan Terzioğlu, CEO of VEON Group, said: “We
believe the sale of our Russian business represents the optimal
solution for VEON, its Russian operations, and all stakeholders,
including customers, shareholders, creditors, and employees both in
and outside of Russia. We are pleased to have reached this
significant milestone in the transaction, which is expected to be
accretive to equity, reduce VEON's debt, and improve its credit
profile.”
On February 7th, 2023, the Sub-Commission of the
Government Commission for Control over Foreign Investments in the
Russian Federation issued its approval of the proposed sale of
VEON’s Russian operations to certain senior members of the
management of PJSC VimpelCom, led by its current CEO Alexander
Torbakhov, subject to certain conditions.
The Russian Federal Antimonopoly Service has
already authorized the transaction, and it is anticipated that the
remaining closing conditions will be satisfied and that, as
previously communicated, the transaction will complete on or before
1 June 2023.
About VEONVEON is a global
digital operator that currently provides converged connectivity and
online services to over 200 million customers in seven dynamic
markets. We are transforming people’s lives, empowering
individuals, creating opportunities for greater digital inclusion
and driving economic growth across countries that are home to more
than 8% of the world’s population. Headquartered in Amsterdam, VEON
is listed on NASDAQ and Euronext.For more information visit:
https://www.veon.com.
DisclaimerThis release contains
“forward-looking statements,” as the phrase is defined in Section
27A of the U.S. Securities Act of 1933, as amended, and Section 21E
of the U.S. Securities Exchange Act of 1934, as amended.
Forward-looking statements are not historical facts, and include
statements relating to, among other things, the closing of the
transactions described above. Forward-looking statements are
inherently subject to risks and uncertainties, many of which VEON
cannot predict with accuracy and some of which VEON might not even
anticipate. The forward-looking statements contained in this
release speak only as of the date of this release. VEON does not
undertake to publicly update, except as required by U.S. federal
securities laws, any forward-looking statement to reflect events or
circumstances after such dates or to reflect the occurrence of
unanticipated events. There can be no assurance that the
transactions referred to above will be successfully completed or
that requisite approvals for these transactions will be received.
Elements of this press release contain or may contain “inside
information” as defined under the Market Abuse Regulation (EU) No.
596/2014.
Contact informationVEON Group
Communication Senior ManagerAnna Ivanova-Galitsinapr@veon.com
Group Director Investor RelationsNik
Kershawir@veon.com
TUVA PartnersManaging PartnerJulian
TannerJulian.tanner@tuvapartners.com
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