VEON finalizes sale agreement to exit Russia
13 Septembre 2023 - 12:45PM
VEON finalizes sale agreement to exit Russia
Amsterdam, 13 September 2023 – VEON
Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital
operator that provides converged connectivity and online services
(“the Company”), today announces that it has agreed with the buyer,
owned by certain senior members of PJSC Vimpelcom management team,
amendments to the sale and purchase agreement in connection with
the sale of its Russian operations. The agreed amendments have no
material impact on the economic terms of the original transaction
announced on 24 November 2022.
With the amendments to the sale agreement, the entire
consideration for the sale will be satisfied by transferring the
VEON Holdings Bonds acquired by PJSC VimpelCom to a wholly owned
subsidiary of VEON Holdings, which will hold such notes until their
cancellation or maturity. U.S. 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 13 October maturity of VEON Holding's October 2023
bonds.
VEON Group CEO Kaan Terzioglu commented: “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.”
About VEON VEON is a digital operator that
provides converged connectivity and digital services to nearly 160
million customers. Operating across six countries that are
home to more than 7% of the world’s population, VEON is
transforming lives through technology-driven services that empower
individuals and drive economic growth. Headquartered in
Amsterdam, VEON is listed on NASDAQ and Euronext.
For more information visit: https://www.veon.com.
Disclaimer This 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, VEON’s strategy and
divestment plans. 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.
Furthermore, elements of this document contain or may contain,
“inside information” as defined under the Market Abuse Regulation
(EU) No. 596/2014.
Contact Information VEON Hande Asik Group
Director of Communication pr@veon.com
Faisal Ghori Group Director of Investor Relationsir@veon.com
TUVA PartnersJulian Tannerjulian.tanner@tuvapartners.com
VEON (EU:VEON)
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