Veon selling stake in Algeria's Djezzy for $682 mln

MOSCOW. April 28 (Interfax) - Telecom group Veon reported that the put option for sale of its 45.57% stake in Algerian telecom provider Djezzy was concluded at $682 million.

As a result of the deal, Veon's stake will be acquired by Djezzy's controlling shareholder, Algeria's National Investment Fund. The process of exercising the option is on schedule, Veon said.

Analyst's had previously valued Veon's stake in Djezzy at $370 million-$380 million.

Veon deconsolidated the financial results of the Algerian business in the middle of 2021, when the option for its stake was first exercised, and it is accounted for as an "asset held for sale."

Veon's largest shareholder, with 47.9%, is LetterOne, a division of the Alfa Group of Russian tycoon Mikhail Fridman and his partners. The company's free float on Nasdaq is 43.8%, and an 8.3% stake in the group is managed by a Dutch trust, or stichting.