Mobile operator Veon to sell Russian assets worth around $2 billion

  • This content was produced in Russia, where the law restricts coverage of 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, to senior members of its management team, led by CEO Aleksander Torbakhov, to 130 billion rubles ($2.15 billion).

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

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

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

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

($1 = 60.3500 rubles)

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

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