Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit Completed
VEON Ltd. is a Dutch-domiciled multinational telecommunication services company. It predominantly operates services in the regions of Asia, Africa and Europe. The largest shareholder (less then 50% control) is LetterOne Holdings S.A. (LetterOne) is an international investment business based in Luxembourg. Co-founders of LetterOne Mikhail Fridman and Petr Aven stepped down from the company in early March 2022, after the EU imposed sanctions on them in the wake of the Russian invasion of Ukraine. Chair Lord Mervyn Davies, a former UK Labour government minister, will take control of the group, with Fridman and Aven resigning from the Board. Their stakes would be “frozen”, Davies said, with no rights as shareholders or dividends. They would not be able to sell the stakes while under sanctions, he said, while the board had no obligation to give their shareholder rights back once the sanctions lift. The company provides mobile and fixed communication services and is included in the list of the thirteen largest mobile network operators in the world. It owns businesses in a number of countries around the world. Among others, it owns 99.9 shares of the Ukrainian PJSC "Kyivstar" and 100% of the shares of the Russian company PJSC "Vimpelcom".
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit CompletedFormer VEON asset, PJSC Vimpelcom, actively cooperates with the Russian government, as the Russian officials themselves say. In particular, it helped to establish a connection in the Ukrainian territories occupied since February 24, 2022, providing national roaming services. Moreover, at the request of the government, PJSC Vimpelcom even reduced the tariff from 25 rubles to 3 rubles per minute of conversation. Although calls continue to appear as international to avoid sanctions. In addition, Vimpelcom PJSC openly demonstrates support for Russia's geopolitical aggressive policy. For example, in the company's arsenal there is a tariff with the eloquent name "Svyaz Z", "Conscript", as well as other similar short-term promotions (for example, "A gift to a soldier from babushkas"). In addition, Vimpelcom PJSC openly demonstrated support for Russia's geopolitical aggressive policy. For example, in the company's arsenal there is a tariff with the eloquent name "Communication Z", "Conscript", as well as other similar short-term promotions (for example, "Gift to a soldier from grandmothers"). Veon CEO resigns as VimpelCom CEO. The CEO of Veon left the post of head of the board of Vimpelcom. During a conference call following the results of Veon's results in the second quarter of 2023, the company's CEO Kaan Terzioglu announced that he had submitted his resignation from the post of chairman of the board of Vimpelcom (Beeline brand). He noted that the holding continues to appeal to European regulators to cancel Eurobonds owned by Vimpelcom. Veon announced the sale of its Russia subsidiary in November 2022 and edged closer to completing the exit after receiving the nod from authorities in the US, UK and Bermuda earlier, as well as Russian regulators in February 2023. Promised to close the deal till the June 01, 2023.
Dutch mobile operator Veon may separate its assets in Russia from the wider company. Dutch telecoms operator Veon Ltd said it was seeking to sell its Russian operations, which make up more than half of its revenue and earnings. At the end of January 2023 Russia ministries oppose Veon plans to sell Russian mobile business. A Russian government commission has approved the sale of telecoms company Vimpelcom to senior managers by its Dutch owner Veon. 11.02.2023: Veon Receives Approval for VimpelCom sale. 04.05.2023: Telecoms firm Veon granted U.S. licence for sale of Russian business. Telecoms company Veon has been issued with a U.S. licence authorising U.S. citizens to engage in transactions required for the divestment of its Russian business, Vimpelcom. On 09 October, 2023 VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services announced that it has completed its exit from Russia with the closing of the sale of its Russian operations to a group of senior members of the PJSC VimpelCom management team, led by VimpelCom CEO Alexander Torbakhov. The transaction does not provide for any buy-back arrangements and signifies a complete exit from the Russian market for VEON. Changes are not yet reflected in the official EGRUL register. Veon warned Ukraine against confiscating Kyivstar: It will destroy the country’s reputation. Rumors about the possibility of Kyivstar's confiscation sent shares of its parent company crashing down.