VEON announces sale of Armenian operations
VEON Ltd. (NASDAQ: VEON) has announced the sale of its Armenian subsidiary, CJSC "VEON Armenia", to Team LLC. This move aligns with VEON's strategy to streamline its organizational structure and concentrate on markets with promising long-term growth potential. The sale is valued at an EV/EBITDA multiple of 2.9x based on 2019 EBITDA figures. The transaction is expected to close shortly, strengthening VEON's operational focus.
- Streamlining of the organizational structure.
- Focus on markets with long-term growth potential.
- Sale valued at an EV/EBITDA multiple of 2.9x based on 2019 EBITDA.
- None.
AMSTERDAM, Oct. 29, 2020 /PRNewswire/ -- VEON Ltd. (NASDAQ: VEON), (Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today announces that it has concluded an agreement for the sale of CJSC "VEON Armenia", VEON's operating subsidiary in Armenia, to Team LLC. It is anticipated that the transaction will close shortly.
The sale of our Armenian operations is in line with VEON's ambition to simplify the Group's structure and enhance its operational focus on markets with attractive long-term growth opportunities. The value of the transaction equates to an EV/EBITDA multiple of 2.9x based on 2019 reported EBITDA.
Disclaimer
This release contains "forward-looking statements", as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, expectations regarding the achievement of the potential benefits of the transactions described above. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.
About VEON
VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services, headquartered in Amsterdam. For more information visit: http://www.veon.com.
Contact Information
VEON
Investor Relations
Nik Kershaw
ir@veon.com
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SOURCE VEON Ltd
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