Veon Group concluded an agreement to sell its Georgia operation for $45 million to its former partner in the country, a move CEO Kaan Terzioglu (pictured) described as part of attempts to streamline operations.
The buyer, which was not identified by Veon in its announcement, is Georgian businessman Khvicha Makatsaria according to documents filed with the country’s Communications Commission when applying for approval.
After assessing the application the regulator approved the sale of shares in the Veon-run companies which owned Beeline Georgia last month, though final closing of the deal was only announced yesterday (8 June).
Terzioglu noted the deal followed a period of negotiations, adding: “Management and the new Georgian shareholder are committed to continue developing the success of the company and to support the digital transformation of the country.”
The sale follows the operator group’s divestment of its Russian towers in December 2021 and exit from Armenia in 2020. The company noted it was pursuing a “long held ambition to simplify the Group’s structure.” It is also in the process of selling its stake in Djezzy Algeria.
Following its Georgia exit, and discounting Algeria, Veon actively operates in seven markets.
In an investor note in April, Terzioglu highlighted a third of its customers were in Ukraine and Russia meaning the company faced challenging conditions, though hailed the efforts of staff in continuing to provide connectivity.Subscribe to our daily newsletter Back