Amsterdam, 01 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today announces the successful conclusion of the transaction for the sale of its Russian tower assets to Service-Telecom.
Following VEON's entry into an agreement to sell its mobile network towers in Russia to Service-Telecom as announced on 6 September 2021, regulatory approvals have been obtained by the parties and this transaction has now successfully completed. The transaction involves the sale of 100% of National Tower Company ( NTC ), a subsidiary of VEON, which operates a portfolio of approximately 15,400 mobile network towers in Russia.
The purchase price for the transaction of RUB70.65bn (USD957mn equivalent) corresponds to an EV/EBITDA multiple of 11.7x based on the projected EBITDA of National Tower Company post-completion. VEON has received a payment of RUB64.4bn (USD872mn equivalent) at closing and the balance of certain deferred amounts will be due and payable over the next three years. The proceeds from this transaction will be used to reduce Group external debt.
The conclusion of this transaction paves the way for the establishment of a long-term partnership pursuant to a master tower agreement that has been entered into between PJSC Vimpelcom and Service-Telecom. In connection with the transaction, J.P. Morgan and Allen & Overy acted as financial and legal advisors, respectively, to a wholly owned subsidiary of VEON. Aspring Capital and Freshfields Bruckhaus Deringer acted as financial and legal advisors to Service-Telecom, respectively.
Kaan Terzioglu, VEON's CEO, said: I am encouraged by the successful conclusion of this transaction and look forward to building our partnership with Service-Telecom. This transaction unlocks the value of our infrastructure assets in Russia and allows the release of capital to further optimise VEON's balance sheet while at the same time achieving more financial flexibility for the group .
Service-Telecom CEO Nikolay Berdin noted: Following a highly competitive tender process, we completed this historical, first-ever, tower transaction in the Russian market. This highlighted the financial capabilities of the group and demonstrated the expertise of the Service-Telecom team both in its ability to manage the tower business and M&A. By entering this transaction with VimpelCom, well continue to successfully run the business to develop a national mobile network infrastructure that matches the countrys ambitions.
Most recent headlines
04/11/2022
The best gamers know DTS Headphone:X technology ups their play. Now major magazines have caught on, too.
DTS Headphone:X technology creates immersive soundsc...
18/05/2022
NEVADA CITY, Calif. Telestream has acquired privately held cloud media processing firm Encoding.com, the company announced today. Financial details were not dis...
18/05/2022
LAUSANNE, Switzerland iWedia has launched its ATSC 3.0 broadcast and broadband software stack, a new offering that is designed to speed up ATSC 3.0 deployments...
18/05/2022
CINCINNATI The E.W. Scripps Company and Google have announced that they will be working together on a multi-year initiative to help experienced journalists with...
18/05/2022
The FCC is seeking comment on its latest report to Congress on the state of competition in the communications marketplace, the first under new chair Jessica Ros...
18/05/2022
BRISTOL, Conn. Following its success with alternative broadcasts of Monday Night Football with Peyton and Eli Manning, ESPN is planning to offer an alternative ...
18/05/2022
NEW YORK Syncbak has appointed broadcast and streaming technology executive Mike Fass as vice president of broadcast services....
18/05/2022
FREMONT, Calif. Digital Nirvana, a provider of media monitoring and metadata generation services, has announced that Jim Daves has joined the company as its new...
18/05/2022
STAMFORD, Conn. Charter Communications has announced that it will donate an additional $1 million towards the 2022 Spectrum Digital Education grant initiative, ...
18/05/2022
TYSONS, Va. Tegna has announced that its shareholders have voted to adopt the Agreement and Plan of Merger that would allow Tegna to be acquired by an affiliate...
18/05/2022
18 05 2022 - Media release Eric Bana and the team behind box office hit The Dry return for Force of Nature
The Dry
Made Up Stories, Screen Australia and VicS...
18/05/2022
Jazz Virtuoso Grace Kelly Joins Berklees Board of Trustees The alumna saxophonist becomes one of the youngest members of a distinguished group of professional...
18/05/2022
Facebook
Twitter
LinkedIn
Thales is leading the sustainable transformation...
18/05/2022
New Scripps Research Fellow Shannon Miller is advancing delivery methods for novel gene-editing technologies Miller brings a wealth of experience in genome edi...
17/05/2022
--
By Stephanie Ornelas
Pictured: Joan Rivers: A Piece of Work (2010)
Biographical films give us the opportunity to learn about lives different from our ...
17/05/2022
-- Three films to screen across the UK as part of the Sundance Film Festival: London UK Tour - Good Luck To You, Leo Grande; A Love Song; Free Chol Soo Lee...
17/05/2022
-- Los Angeles, CA (May 17, 2022) Today, IllumiNative, The Black List, and t...
17/05/2022
Aleyna Tilki is breaking the mold as she makes a name for herself in the music i...
17/05/2022
Spotify's RADAR US program, an extension of Spotify's global artist deve...
17/05/2022
Sencore, the gateway to better video delivery, in conjunction with their master distribution partner, Toner Cable Equipment, recently announced the Impulse 300D...
17/05/2022
I am certain I wouldn't be where I am today if it wasn't for Panalux's help and support. Director of Photography Kit Fraser has been a loyal Panalu...
17/05/2022
It's like they are always on standby! Panalux's response is second to none. Gaffer Andrew Tala Taylor has built a solid working relationship with the...
17/05/2022
Dan Sasaki, Panavision's senior vice president of optical engineering, touches on recent advancements in digital imagers as well as the continued popularity...
17/05/2022
As Panavision senior vice president of optical engineering Dan Sasaki explains, magnification and perspective collectively make for a very strong defining poin...
17/05/2022
Panavision senior vice president of optical engineering Dan Sasaki explores the distinct way that anamorphic lenses breathe as their focus is adjusted, a qualit...
17/05/2022
Dan Sasaki, Panavision's senior vice president of optical engineering, shines a light on the unique flare characteristics of various series of Panavision an...
17/05/2022
The combination of an anamorphic lens' powered and non-powered axes lends an elliptical shape to out-of-focus elements within the image, explains Panavision...
17/05/2022
Panavision senior vice president of optical engineering Dan Sasaki discusses how the inherent softness in anamorphic optics takes the edge off of sharp digital ...
17/05/2022
With examples from the features Batman v Superman: Dawn of Justice, Star Wars: The Force Awakens, Suicide Squad, Chef, The Equalizer, and Spectre as well as the...
17/05/2022
Hosted by Dan Sasaki, Panavision's senior vice president of optical engineering, the Five Pillars of Anamorphic video series provides an in-depth analysis o...
17/05/2022
Scottish gaffer Scott Napier has had the good fortune of working on Starz/Sony TV Drama Outlander right from the very beginning through season two, which wrappe...
17/05/2022
WOODLAND HILLS, CA (November 7, 2017) Continuing 25 years of support, Panavisi...
17/05/2022
Source: Studio Daily
The Exceptional Women honorees include power players in the C-suite whose decision-making helps dictate the future of content, as well as ...
17/05/2022
With a long list of beloved major motion pictures and indie films on his CV including Gladiator and Fish Tank Andy Cole's most recent project is now an ...
17/05/2022
Now heading Raiden Studios, a full-service fashion and events lighting design consultancy, Freddie Bonfanti injects his lighting designs with the same passion a...
17/05/2022
A legendary talk show host employs a young scriptwriter and sparks fly in the new indie feature Late Night, premiering at the Sundance Film Festival. Written by...
17/05/2022
Cinematographer Christian Sprenger was busy this winter, shooting not one but two commercial spots that debuted during Super Bowl LIII. For TurboTax Live, he sh...
17/05/2022
One of the strengths of the acclaimed series The Chi, created by Lena Waithe, is its multifaceted take on the experiences of living in Chicago's South Side....
17/05/2022
Overall, the entire thing is BIG!
Top Gaffer Tom Gates summed up what it's like working on HBO's mega hit television series Game of Thrones when he ...
17/05/2022
Cinematographer Tim Ives, ASC was looking forward to some downtime at home in New York City upon wrapping another season in Atlanta of the Netflix hit series St...
17/05/2022
LOS ANGELES (May 16, 2019) Light Iron, a Panavision company, has announced Jeremy Sawyer is returning to its Los Angeles facility as a senior colorist. The hi...
17/05/2022
LOS ANGELES (May 8, 2019) Light Iron, a Panavision company specializing in post production services, is again playing an important collaborative role with not...
17/05/2022
Elton John's larger-than-life, rags-to-riches story is given the musical treatment in the new movie Rocketman from Paramount Pictures. The film is depicted ...
17/05/2022
Autumn Durald Arkapaw had a good feeling about her first meeting with director R...
17/05/2022
LOS ANGELES (July 8, 2019) Light Iron, a Panavision company, is excited to announce that award-winning colorist Scott Klein will be joining the company in Jul...
17/05/2022
The highly anticipated opus from director Quentin Tarantino doesn't disappoint. It's a typically outrageous conglomeration of comedy and shock laced wit...
17/05/2022
Based on the New York Times best-selling novel by Maria Semple, Where'd You Go, Bernadette is a hopeful chase through the complicated world of the chic, int...
17/05/2022
Brittany Runs a Marathon is the directorial debut of Paul Downs Colaizzo. It took Sundance by storm, winning the Festival's Audience Award, and got snatched...
17/05/2022
Cinematographer Todd Banhazl shot Hustlers, currently in theaters, and the upcoming HBO series Showtime. His work on the seaside noir film Blow the Man Down rec...
17/05/2022
With the fourth season of Greenleaf, the enthralling saga set in an African American megachurch that premiered on OWN this month, James Chressanthis, ASC, GSC e...
Amsterdam, 01 December 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today announces the successful conclusion of the transaction for the sale of its Russian tower assets to Service-Telecom.
