The global digital operator Veon has finalised the sale agreement of its exit from Russia.
With amendments to the sale agreement, the entire consideration for the sale will be satisfied by transferring the Veon Holdings Bonds acquired by VimpelCom to a wholly owned subsidiary of Veon Holdings, which will hold such notes until their cancellation or maturity. US and other regulatory approvals have been received for the transfer of approximately 95% of such Veon Holdings Bonds, which will be transferred immediately prior to the closing of the sale. The remaining Veon Holdings Bonds will be transferred as soon as the outstanding regulatory approval is in place, which may occur post-closing. The company expects all formalities necessary for the closing of the sale to be completed ahead of the October 13 maturity of Veon Holding’s October 2023 bonds.
Commenting on the agreement, Veon Group CEO Kaan Terzioglu said: “I am pleased with the progress we have achieved in our exit from Russia despite the complexities of the transaction. Our exit strategy is the optimal solution for all our stakeholders – our customers, employees, creditors and investors world-wide. I would like to thank our stakeholders for their patience and continued support”.
As previously reported by Broadband TV News, Veon first announced its intention to sell its operations in Russia, which include Vimpelcom, in November last year.
It then agreed to sell its Russian operations to certain senior members of VimpelCom’s management team.
