10:57 | 29.10.20 | News | 76093

VEON announces sale of Armenian operations

VEON Ltd. today announced that it has concluded an agreement for the sale of CJSC “VEON Armenia”, VEON’s operating subsidiary in Armenia, to Team LLC.

“It is anticipated that the transaction will close shortly.

The sale of our Armenian operations is in line with VEON’s ambition to simplify the Group’s structure and enhance its operational focus on markets with attractive long-term growth opportunities. The value of the transaction equates to an EV/EBITDA multiple of 2.9x based on 2019 reported EBITDA”, VEON announced.