Mobile operator Veon sells Russian business for about $2 billion

  • This content was produced in Russia, where laws restrict reporting on Russian military operations in Ukraine

MOSCOW, Nov 24 (Reuters) – Amsterdam-listed mobile operator Veon (VON.AS) said on Thursday it would sell its Russian business, Vimpelcom, for 130 billion rubles to a deal led by Chief Executive Alexander Torah. Senior member of the management team headed by Aleksander Torbakhov. $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 a growing list of Western companies selling Russian assets since Moscow dispatched tens of thousands of troops to Ukraine in late February.

The deal is expected to close on June 1 next year, Veon said.

“I believe that agreeing to the sale of Veon’s Russian operations to the Vimpelcom management team is the best solution for Veon, its Russian operations and the stakeholders of both companies, including customers, shareholders and creditors, as well as employees inside and outside the companies. Russia,” Chief Executive Kaan Terzioglu said in a statement.

($1 = 60.3500 rubles)

Editing by Alexander Marrow Guy Faulconbridge and David Goodman for Reuters

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