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Russia approves Veon's sale of Vimpelcom to management - RBC cites sources

UKRAINE-CRISIS-RUSSIA-VEON:Russia approves Veon's sale of Vimpelcom to management - RBC cites sources
UKRAINE-CRISIS-RUSSIA-VEON:Russia approves Veon's sale of Vimpelcom to management - RBC cites sources Copyright Thomson Reuters 2023
Copyright Thomson Reuters 2023
By Reuters
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- A Russian government commission has approved the sale of telecoms company Vimpelcom to senior managers by its Dutch owner Veon, the Russian economic news outlet RBC reported, citing two unnamed sources.

Veon said in November that it would sell Vimpelcom to a team led by CEO Aleksander Torbakhov for 130 billion roubles ($2.2 billion), joining a long list of Western firms that have sold up in Russia since it invaded Ukraine almost a year ago.

The disposal is notable in that Veon, unlike many Western investors, is receiving money for its asset - one that accounts for about half Veon's revenue.

The Kommersant newspaper had said on Thursday that the Russian Finance Ministry, Economy Ministry and central bank all opposed the deal because of objections by holders of Veon eurobonds, and had sent it back for revisions.

RBC reported that the deal had been amended to ensure all bondholders were treated equally.

No comment was immediately available from Veon, Vimpelcom or the Russian government.

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