Veon Completes Exit From Russia, to Focus On Six Emerging Markets

Reported by Srikapardhi October 10th, 2023 at 06:19 pm

The company will now focus its energy on meeting the growing demand in its markets of Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan, and Kyrgyzstan.

Highlights

Veon has completed its exit from Russia, signifying a complete exit from the Russian market.
Veon is a digital operator that provides converged connectivity and digital services to nearly 160 million customers.
The company will now focus its energy on meeting the growing demand in six high-potential markets.

Amsterdam-based multinational telecoms group Veon announced that it has completed its exit from Russia with the closing of the sale of its Russian operations to a group of senior members of the PJSC VimpelCom (Beeline Russia) management team, led by PJSC VimpelCom's CEO on October 9, 2023.

Also Read: Veon Progresses Towards the Sale of Vimpelcom, Enters Final Stages

Strategic Focus

Veon Group's CEO commented, "The closing of the sale and the completion of our exit from Russia allow us to fully focus our energy on the way forward, meeting the growing demand in our markets - Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan, and Kyrgyzstan - with our digital operator strategy. I am pleased to note that we are now in a much stronger position to deliver our strategic priorities. We would like to thank all our stakeholders and regulatory bodies, including the US Treasury, who have supported our company through this process."

Also Read: Veon and OneWeb Partner to Deliver Extended Connectivity

No Buy-Back Arrangements

As previously announced, the transaction does not include any buy-back arrangements and signifies a complete exit from the Russian market for Veon. In its official release, the company stated that this move will help it achieve higher growth while operating with lower leverage and ample liquidity, focusing on six high-potential emerging markets.

Veon's Global Presence

Veon is a digital operator that provides converged connectivity and digital services to nearly 160 million customers, operating across six countries that are home to more than 7 percent of the world's population.

Reported By

Srikapardhi Telecom Analyst

Passionately following the Indian #Telecom Industry for over a decade from Business, Consumer and a Technical perspective. My primary focus area is Consumer & Digital Experience.