SCPEC gives the permit for VEON Armenia-TEAM deal

On July 9, the Armenian State Commission for Protection of Economic Competition made the decision to allow the merger of VEON Armenia CJSC and TEAM LLC.

The commission has stated that the merger will be organized by TEAM LLC through the acquisition of 100% stake in VEON Armenia CJSC.

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At the same time, SCPEC has stated that TEAM is obliged not to carry out mass layoffs (more than 10% of the total number of employees) for at least six months after the merger deal goes through.