Veon Ltd. (NASDAQ: Veon, Euronext Amsterdam: Veon), a provider of connectivity and Internet services, has announced two major transactions, the company said.
The company has entered into an agreement with CK Hutchison Holdings Ltd. (“CK Hutchison”) for the sale of its 50% stake in Wind Tre. It has also submitted an offer to acquire the assets of Global Telecom Holding S.A.E (“GTH”) in Pakistan and Bangladesh.
The sale of Veon´s equity stake in Wind Tre will bring in proceeds of EUR 2,450 million. A fraction of these proceeds will be used by Veon to acquire the GTH assets. The remainder will be used to reduce debt which, following completion of both transactions, will result in net pro-forma leverage ratio1 of approximately 1.8x, significantly below our target ratio of 2.0x.
These transactions represent two critical steps towards our ambition to simplify the Group´s structure and enhance shareholder value.
Veon is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and Internet services, with an ambition to lead the personal Internet revolution for over 240 million customers it currently serves, and many others in the years to come. For more information visit: http://www.Veon.com.