FNI takes control of VEON’s Djezzy stake

FNI takes control of VEON’s Djezzy stake

The Algerian government has closed its purchase of VEON’s 45.57% stake in the mobile operator Djezzy via its National Investment Fund.

FNI (Fonds National d’Investissement) already holds 51% of Djezzy, so the acquisition takes its total share to 96.57%. The sale was agreed in July last year, when VEON exercised its put option to divest its entire stake in Djezzy to FNI. As reported by TeleGeography, this required a third party evaluation of the stake’s market value, which VEON eventually disclosed as US$682 million.

Following the closing of the sale, FNI stated that it would aim to “preserve the solidity of the governance of the company while committing to continue its support for the development plan of Djezzy in order to maintain the course of growth and guarantee its sustainability and profitability.”

“With the support of FNI, Djezzy is also committed to contributing to the emergence of start-ups and a knowledge-based economy and to further developing its network in order to improve the quality of its services”, it concluded.

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