VEON Finalizes Strategic Sale of Stake to Enhance Digital Services
VEON Completes Key Stake Sale in TNS+
VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON) has recently announced the successful completion of a significant strategic move by selling its 49% stake in TNS Plus LLP to the DAR group of companies. This decision reflects VEON's commitment to an asset-light strategy aimed at enhancing operational efficiency and focusing on its core digital services.
Details of the Transaction
The transaction, finalized with the necessary regulatory approvals, resulted in a total consideration of USD 137.5 million for VEON. This includes deferred payments, indicating not just an immediate financial gain, but also an ongoing commitment to the partnership with TNS+. Following the sale, Beeline Kazakhstan, a subsidiary of VEON, is set to maintain its robust service offerings, backed by long-term contracts that ensure the continuity of essential infrastructure from TNS+.
Strengthening Digital Services
According to Kaan Terzioglu, the Group CEO of VEON, this divestment allows Beeline Kazakhstan to focus more on enhancing customer experiences through innovative digital services. Beeline is known for its impressive service portfolio, which includes offerings like Simply, Izi, Hitter, and BeeTV. The company is also actively involved in developing a local-language AI large language model, showcasing its dedication to leveraging technology for local growth.
Confidence in Kazakhstan's Growth Potential
The decision to consolidate ownership of TNS+ exemplifies VEON's strong belief in Kazakhstan's position as a crucial hub for data traffic between Europe and Asia. Alidar Utemuratov, Group CEO of the DAR group, highlighted how this ownership structure allows the company to execute a new global strategy by expanding into new regions and creating state-of-the-art digital products. This approach signifies VEON's commitment to investing in Kazakhstan's telecommunications infrastructure, ensuring high-quality service delivery.
About VEON: A Leader in Digital Connectivity
VEON operates as a major global digital operator, delivering essential connectivity and digital services to nearly 160 million customers across several countries. With its headquarters in Amsterdam, the company serves regions that account for over 7% of the world’s population. VEON's mission is to enrich lives through innovative technology-driven services that foster economic growth and connectivity.
Contact Information
For further inquiries, you can reach Hande Asik, the Group Director of Communication, at pr@veon.com. This contact is vital for anyone interested in understanding VEON's future strategy or exploring partnership opportunities.
Frequently Asked Questions
What is the significance of VEON's sale of TNS+?
The sale is crucial for VEON as it allows the company to streamline its operations while focusing on enhancing its digital service offerings in Kazakhstan.
How will this transaction affect Beeline Kazakhstan?
Beeline Kazakhstan will continue to operate seamlessly, ensuring high-quality services to customers through long-term contracts with TNS+.
What future plans does VEON have following this sale?
VEON plans to expand its digital services in Kazakhstan and other regions, leveraging its strong infrastructure and innovative technology.
Who are the major executives involved in this transaction?
Kaan Terzioglu, Group CEO of VEON, and Alidar Utemuratov, Group CEO of DAR, both played pivotal roles in strategizing this sale to meet future demands.
What markets does VEON operate in?
VEON provides services across six countries, focusing on transforming lives through technology-driven solutions that enhance connectivity and growth.
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