VEON expects formalities of sale of VimpelCom settled by Oct 13

MOSCOW, Sep 13 (PRIME) -- Amsterdam-based VEON expects all formalities necessary to close the sale of its Russian business, mobile operator VimpelCom, working under brand Beeline, to be completed till October 13, the maturity date of its 2023 bonds, the holding company said on Wednesday in a statement.

VEON said it “has agreed with the buyer, owned by certain senior members of VimpelCom management team, amendments to the sale and purchase agreement in connection with the sale of its Russian operations.”

“With the amendments to the sale agreement, the entire consideration for the sale will be satisfied by transferring the VEON Holdings Bonds acquired by VimpelCom to a wholly owned subsidiary of VEON Holdings, which will hold such notes until their cancellation or maturity,” the statement read.

VEON added that the U.S. and other regulatory approvals were received for the transfer of approximately 95% of such VEON Holdings Bonds, which will be transferred immediately prior to the closing of the sale. The remaining will be transferred as soon as the outstanding regulatory approval is in place, which may occur post-closing, according to the statement.

End