Norway’s Telenor announces sale of 5.1% in VEON

MOSCOW, Sep 21 (PRIME) -- Norwegian telecom company Telenor has announced a sale of 5.1% in Amsterdam-based VEON, the sole owner of Russian mobile operator VimpelCom, leaving Telenor with 14.6%, the Norwegian company said on Thursday.

“Telenor today announces that the underwriters have priced its offering of 90 million common shares of VEON in the form of common shares and American depositary shares (ADSs) at a public offering price of U.S. $4.15 per ADS/share. The offering results in net proceeds to Telenor of $365 million, which will be included in Telenor’s cash flow statement for the third quarter 2017,” the company said.

“The offering is expected to close on or about 25 September 2017. Today’s transaction represents 5.1% of VEON’s total outstanding common shares, leaving Telenor with approximately 256.7 million VEON ADSs, or 14.6% of VEON’s total outstanding common shares.  Telenor expects to transfer the balance of the remaining ADSs pursuant to Telenor’s $1 billion, 3-year exchangeable bond due 2019.”

Citigroup and Morgan Stanley acted as joint global coordinators and joint bookrunners for the offering.

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