Veon finalizes deal for sale of Russian unit; shares soar

VEON

13/09/2023 16:48

** U.S.-listed shares of Netherlands-based mobile telecom
operator Veon Ltd  VEON.O  rise 14.6% to $19
    ** Stock on course for biggest single-day percentage gain
since February if gains hold; co's Amsterdam-listed shares
 VON.AS  up 16%
    ** Co finalizes amendments to the original agreement to sell
its Russian unit to exit the country
    ** Co is selling its Russian unit, PJSC Vimpelcom, to the
senior management of the unit
    ** Amendment will not have any material impact on the
economic terms of the original deal announced on Nov. 24
    ** Co expects all formalities to be completed ahead of the
maturity of VEON Holding's October 2023 bonds
    ** Co had received Russian regulatory approval for the sale
in February 2023 
    ** VEON up 53.9% YTD, including session gains 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))