VEON selling Georgia subsidiary for $45 mln
MOSCOW. June 8 (Interfax) - Telecoms holding VEON is selling its Georgian asset VEON-Georgia for $45 million, the company said in a statement.
According to the release, the buyer is a "former local partner" of the holding company. Earlier, Georgia's Communications Commission reported that it gave permission to VEON to sell its subsidiary to local businessman Khvicha Makatsaria.
The sale of the company's Georgian operations is in line with VEON's long held ambition to simplify the Group's structure. The timeframe of the deal has not yet been disclosed.
VEON-Georgia, which operates under the Beeline brand, is among the nation's leading telecoms operators.
The revenue of the Georgian business in 2021 amounted to $38 million, an increase of 11.3%. VEON-Georgia generates 0.5% of the holding's consolidated revenues.
The largest shareholder of VEON is LetterOne, a member of Alfa Group, controlled by Mikhail Fridman and partners - it owns 47.9% of shares. The company's free float on the Nasdaq is 43.8%, and another 8.3% of the group is managed by a Dutch stichting, or trust.