Mobile operator Veon to sell Russian business for about $2 billion




  • In US
  • 2022-11-24 13:11:36Z
  • By Reuters

MOSCOW (Reuters) - Amsterdam-listed mobile operator Veon on Thursday said it will sell its Russian business, Vimpelcom, to senior members of the management team, led by CEO Aleksander Torbakhov, for 130 billion roubles ($2.15 billion).

Veon operates its Beeline brand through its subsidiary Vimpelcom in Russia, a market that accounts for about half of the group's revenue.

Veon joins the growing list of Western companies to dispose of assets in Russia since Moscow sent tens of thousands of troops into Ukraine in late February.

The transaction is expected to complete by June 1 next year, Veon said.

"I am confident that the agreed sale of Veon's Russian operations to the Vimpelcom management team represents an optimal solution for Veon, its Russian operations and the stakeholders of both companies, including customers, shareholders and creditors, as well as employees both in and outside of Russia," CEO Kaan Terzioglu said in a statement.

($1 = 60.3500 roubles)

(Reporting by Reuters; Writing by Alexander Marrow; Editing by Guy Faulconbridge and David Goodman)

COMMENTS

More Related News

After largest blackout, 73% of Ukraine
After largest blackout, 73% of Ukraine's mobile network already working, says Ministry of Digital Affairs

Seventy-three percent of the mobile network is now working after the massive Russian missile attack on critical infrastructure on Nov. 23, Minister of...

Western sanctions catch up with Russia
Western sanctions catch up with Russia's wartime economy
  • World
  • 2022-11-26 15:59:21Z

When Russian President Vladimir Putin launched last month a new council for coordinating supplies for the Russian army, he seemed to recognize the scale of...

Thailand still wants Russian tourists - and direct flights are making it easy to get to Phuket
Thailand still wants Russian tourists - and direct flights are making it easy to get to Phuket
  • World
  • 2022-11-26 15:30:00Z

Russians may not be very welcome in many countries since Vladimir Putin invaded Ukraine, but they can still get some winter sun in Thailand.

Civilians escape Kherson after Russian strikes on freed city
Civilians escape Kherson after Russian strikes on freed city
  • World
  • 2022-11-26 09:57:54Z

Fleeing shelling, civilians on Saturday streamed out of the southern Ukrainian city whose recapture they had celebrated just weeks earlier as the country...

Russia shells liberated city in Ukraine, forcing hospital evacuations
Russia shells liberated city in Ukraine, forcing hospital evacuations

Escalated Russian shelling of the recently liberated Ukrainian city of Kherson killed 10 people, wounded dozens more and forced hospital evacuations, the...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: US