Vimpelcom sale cleared following amendments

Vimpelcom sale cleared following amendments

A Russian government commission has reportedly cleared Veon’s sale of its Russian unit Vimpelcom to the operator’s senior managers.

In November 2022, Veon announced that it would join the raft of western firms exiting Russia following its invasion of Ukraine in February that year. However, unlike many of these other companies, Veon would be remunerated for its exit, with Vimpelcom’s leadership team – led by CEO Aleksander Torbakhov – acquiring the operator for 130 billion roubles ($2.2 billion).

Newspaper Kommersant last week reported that the proposed deal had met with opposition from Russia’s Finance Ministry, Economy Ministry and Central Bank, based on objections from Veon Eurobond holders. Business outlet RBC now reports that following amendments ensuring all bondholders will receive equal treatment, the deal has been approved.

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