VEON Announces Sale of Stake in Beeline Kyrgyzstan, increasing the focus on its large markets
Amsterdam, 26 March 2024: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, announces that it has signed an agreement for the sale of its 50.1% indirect stake in Beeline Kyrgyzstan to CG Cell Technologies, which is wholly owned by CG Corp Global.
- Amsterdam, 26 March 2024: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, announces that it has signed an agreement for the sale of its 50.1% indirect stake in Beeline Kyrgyzstan to CG Cell Technologies, which is wholly owned by CG Corp Global.
- The sale is a part of VEON’s strategy to simplify the Group’s structure and focus on its large markets where it can create scale with its DO1440 digital operator model, providing digital services in finance, entertainment, healthcare and education.
- The transaction values Beeline Kyrgyzstan’s business at 3.4x 2023 EBITDA (pre-IFRS16).
- CG Corp Global issued the following statement on the agreement: “We are very pleased to become a major investor in the Kyrgyzstan telecommunications market with the purchase of the majority stake in Beeline Kyrgyzstan.