Telenor to get $259 mln for 4% in Russia’s VimpelCom owner VEON

MOSCOW, Apr 7 (PRIME) -- Norwegian holding Telenor expects to receive U.S. $259 million from a sale of 4% in VEON, sole owner of Russian mobile operator VimpelCom, with the current interest being at 23.7%, Telenor said on Friday in a press release.

“Telenor today announces that the underwriters have priced its offering of 70 million common shares in VEON Ltd., formerly known as VimpelCom Ltd., in the form of common shares and American depositary shares (ADSs) at a public offering price of U.S. $3.75 per ADS/share, resulting in net proceeds to Telenor of $259 million,” the Norwegian giant said.

The offering closes on or about April 12.

“Today’s transaction represents 4.0% of VEON’s total outstanding common shares, leaving Telenor with approximately 346.7 million VEON ADSs, 19.7% of VEON’s total outstanding common shares, including the VEON ADSs that are underlying Telenor’s $1 billion, 3-year exchangeable bond due 2019,” Telenor said.

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

End