Veon has confirmed that the sale of its Russian unit VimpelCom has been approved by Russian regulators.
Last week, we reported that the proposed sale had been cleared by a Russian government commission following revisions to accommodate initial objections. Veon is selling the operator to some of its senior managers, led by current CEO Alexander Torbakhov.
The deal had been cleared by the Russian Federal Antimonopoly Service, and has now received approval from the Sub-Commission of the Government Commission for Control over Foreign Investments in the Russian Federation. The approval is subject to certain additional conditions but these are expected to be met, with the deal likely to close by 1st June 2023.
Veon CEO Kaan Terzioğlu said: “We believe the sale of our Russian business represents the optimal solution for VEON, its Russian operations, and all stakeholders, including customers, shareholders, creditors, and employees both in and outside of Russia. We are pleased to have reached this significant milestone in the transaction, which is expected to be accretive to equity, reduce VEON's debt, and improve its credit profile.”
