Veon to exit Algerian market with disposal of Djezzy stake

News Wireless Algeria 1 JUL 2021
Veon to exit Algerian market with disposal of Djezzy stake

Telecom group Veon announced that it has sold its entire stake in mobile operator Djezzy to Algeria’s state-owned national investment fund FNI (Fonds National d’Investissement). This has been done by exercising the put option to sell the 45.57 percent holding owned via Algerian subsidiary Omnium Telecom Algerie, which trades as Djezzy.

Veon said that the move initiates a process under which a third-party valuation will be undertaken to determine the fair market value at which the transfer should take place. The group described the sale as an important step that will support an improved focus on its core markets.

FNI has owned a majority stake in Djezzy since 2015. At the time, the fund and VimpelCom (now Veon) reached a shareholder agreement giving the telecom group full operational control over the Algerian unit, which up until now has been consolidated in its financial results.


Categories:

Mobile

Companies:

Djezzy,  Veon

Countries:

Algeria

Tags:

Wireless, Corporate strategy, M&A buyouts & divestments

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