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VEON - VEON News Story

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Last Trade - 5:35pm

Sector
Telecoms
Size
Mid Cap
Market Cap £1.73bn
Enterprise Value £9.10bn
Revenue £6.52bn
Position in Universe 176th / 852

Armenia's new telecom player wins approval to buy Veon unit

Fri 10th July, 2020 5:44pm
July 10 (Reuters) - A new telecom company in Armenia said on
Friday it has won regulatory approval to buy the local unit of
Veon  VON.AS .
    Amsterdam-based Veon, which operates mobile networks mainly
in emerging markets including Russia, Pakistan, central Asia and
North Africa, said last month that it was in talks with Team LLC
about a sale. 
    Team LLC was set up in April by Hayk Yesayan, former general
director of one of Armenia's biggest telecoms company, Ucom, as
a new player in the market providing internet services and TV
and radio broadcast services.
    The value of the sale has not been disclosed. Team LLC said
in its statement on Friday that the deal would close soon.
    Armenia's telecoms market is competitive and the merger of
Veon Armenia and Team LLC will create a major player to take on
market leaders Viva_MTS and Ucom.
    Veon had held talks early this year about selling its unit
to Ucom when Yesayan was still general director, but it later
withdrew from the talks. Yesayan, who had originally founded
Ucom with his brother, left Ucom in April.

 (Reporting by Nvard Hovhannisyan; Writing by Margarita Antidze;
Editing by Susan Fenton)
 ((margarita.antidze@thomsonreuters.com; +995322999370; Reuters
Messaging: margarita.antidze.thomsonreuters.com@reuters.net))
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