Telenor Sells Additional Stake in Veon as Part of Exit Strategy

Telenor Sells Additional Stake in Veon as Part of Exit Strategy Image Credit: Veon

Telenor has sold a 4% stake in Veon - formerly known as Vimpelcom - for US$259mil as part of its exit strategy from Veon.

The Group Operator sold 70 million common shares in VEON in the form of common shares and American Depositary Shares (ADSs) at a public offering price of USD 3.75 per ADS/share.

The lastest transaction represents 4.0 per cent of VEON's total outstanding common shares, leaving Telenor with approximately 346.7 million VEON ADSs which is 19.7 per cent of VEON's total outstanding common shares.

The net proceeds of USD $259 million will be included in Telenor's cash flow statement for the second quarter 2017, said the company.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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