Operator group Veon completed an exit from the Russian market, selling its local operation to senior members of the PJSC VimpelCom management team in a transaction which was in the works since November 2022.
Various regulators, including those in the US and Russia, had already approved the deal. It was originally expected to close in June.
Veon noted there were no buy-back arrangements in place and the closure announced today (9 October) signified a complete exit from the market, which had been the group’s largest revenue generator prior to the start of the war between Russia and Ukraine.
Group CEO Kaan Terzioglu (pictured) said the end of the process allows it to “fully focus our energy on the way forward, meeting the growing demand in our markets, Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan and Kyrgyzstan with our digital operator strategy.”
He added the company was “now in a much stronger position to deliver our strategic priorities”.
The buyers for Veon’s former Russian operation were members of the company’s local management team led by its CEO Aleksander Torbakhov.