VEON Sells Armenian Operations to Team LLC

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VEON Ltd., a global provider of connectivity and internet services, 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 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.

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services, headquartered in Amsterdam.

VEON’s markets are rich in their diversity, but naturally form three operating clusters, each of which plays an important role in sustaining the balance and reinvestment capability of its business.

The company’s most mature market, Russia stands alone in terms of its scale and the opportunities and the company is offering its full spectrum of advanced connectivity services in Russia.

VEON’s growth engines markets are Pakistan, Ukraine, Kazakhstan and Uzbekistan, these are rapidly expanding markets, each in a sweet-spot of rapid services adoption.

Dominated in size by Bangladesh and Algeria, VEON’s frontier markets are early-stage and yet to reach their full potential but enjoy favourable long-term demographics and promising growth opportunities in connectivity services.

As a communications technology enabler, VEON’s vision is to empower customers ambitions through technology, acting as a digital concierge to guide their choices and connect them with resources that match their needs.

As a provider of communications and digital services, VEON aspires to be a leader in the use of predictive, cognitive technologies that can anticipate and serve the evolving demands of all our customers, drawing on our capabilities in big data analytics.