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VEON To Sell Its Russian Operations

VEON Ltd. (VEON) said it agreed to sell its Russian operations to certain senior members of the management team of PJSC VimpelCom, led by its current CEO Aleksander Torbakhov. The management buy-out of VimpelCom implies an expected enterprise value of about RUB 370 billion.

Under the agreement, VEON will receive total consideration of RUB 130 billion or about $2.1 billion. The target completion date for the transaction is on or before 1 June 2023, with options on both sides for extensions in case any required regulatory license has not yet been received.

As part of the transaction, ownership of VEON's Kazakhstan operations will be transferred to VEON Holdings B.V. and certain inter-company loans will be extinguished. This will ensure that VEON will continue to consolidate its Kazakhstan operations, with VEON Holdings B.V. taking direct ownership of the Group's 75% stake in Kar-Tel, which operates under the Beeline brand, VEON said in a statement.

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