Veon exits Algeria with Djezzy stake sale

Veon exits Algeria with Djezzy stake sale

Netherlands-headquartered VEON Group has exercised its put option to divest its entire 45.57% holding in its Algerian unit Omnium Telecom Algerie.

Omnium owns the Algerian mobile provider branded as Djezzy. The Algerian National Investment Fund (Fonds National d’Investissement, FNI) will acquire VEON’s stake.

In a statement, VEON said: “This important step will further streamline VEON’s operations, allowing for an improved focus on our core markets.”

TeleGeography reports that the group’s decision to exercise the option will now set in motion a valuation process conducted by a third party which seeks to identify a fair market value for the transfer.

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