Operator group Veon has announced that it is in the final stages of closing the sale of its Russian operations.
The Amsterdam-headquartered group originally announced its intention to exit the Russian market on 24th November 2022. Veon’s proposal to sell its VimpelCom unit to its Russian bosses initially met with opposition from the country’s government.
However, Veon has now confirmed the submission of all necessary documentation to Euroclear, Clearstream and registrars for the cancellation of Veon’s Eurobonds held by VimpelCom. The terms of these bonds stipulate that the registrar is required to cancel any that are purchased by a subsidiary of Veon and then surrendered for cancellation. Both of these conditions have now been met.
Kaan Terzioğlu, CEO of Veon Group, said: “The cancellation of Veon’s Eurobonds will pave the way for Veon to exit Russia in a way that we believe to be the optimal outcome for all our stakeholders – including our investors, creditors, customers and employees. This cancellation is a non-cash transaction necessary for our timely exit from Russia; and protects Veon and its investors from a risk of double payments in the future. We look forward to the completion of this cancellation, a milestone in the closing of the sale of Veon’s Russia operations.”