30 Sep 2024
VEON Completes the Sale of Its Stake in TNS in Line with Asset-Light Strategy Amsterdam, 30 September 2024: VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator ( VEON or the Company ), announces that it has completed the sale of its 49% stake in Kazakh wholesale telecommunications infrastructure services provider, TNS Plus LLP ( TNS ), to its JV partner, the DAR group of companies, following the receipt of necessary regulatory approvals.
The sale was completed today for a total consideration to VEON (including deferred consideration) of USD 137.5 million. Following the sale, Beeline Kazakhstan will continue to offer an exceptional customer experience, with business continuity secured by long-term commercial contracts with TNS to continue providing its critical infrastructure to Beeline Kazakhstan.
Completion of this sale enables Beeline Kazakhstan to continue to access the robust wholesale infrastructure offered by TNS while strengthening our Kazakh digital operator's focus on building its portfolio of connected consumer and enterprise services. Beeline Kazakhstan offers exciting digital services such as Simply, Izi, Hitter and BeeTV, and is a key partner in developing Kazakhstan's local-language AI large language model, which will power the development of new, locally relevant AI-powered tools in Kazakhstan. We are thrilled to deepen our services to the Kazakh economy in these areas said Kaan Terzioglu, Group CEO of VEON.
Consolidating ownership of TNS reflects our strong confidence in Kazakhstan as a key country for data traffic transit between Europe and Asia. This move will also enable the company to execute its new global strategy by expanding into new geographies and introducing cutting-edge digital products. We will continue to invest in Kazakhstans telecom infrastructure and provide high-quality services to our customers, while maintaining TNS 's leadership in data transit, said Alidar Utemuratov, Group CEO and founder of DAR.
About VEON
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% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext. For more information visit: www.veon.com
About DAR
DAR is an international group that has many years of extensive expertise in telecom, fintech, media and tech industries. DAR was founded by Mr. Alidar Utemuratov, investor and tech entrepreneur, who also launched an investment firm GreenApple known internationally for successful cases of Cellwize and 2Day Telecom.
Disclaimer
This release contains forward-looking statements, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON's strategy and investment plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events. Furthermore, elements of this release contain or may contain, inside information as defined under the Market Abuse Regulation (EU) No. 596/2014.
Contact Information
VEON
Hande Asik
Group Director of Communications
pr@veon.com
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