Benzinga | Jul 1, 2021 09:00AM EDT

VEON Announces The Exercise Of Its Put Option To Sell Its 45.57% Stake In Djezzy

VEON Ltd. (NASDAQ:VEON) (Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announces that it has today exercised its put option to sell the entirety of its 45.57% stake in its Algerian subsidiary, Omnium Telecom Alg?rie SpA to the Algerian National Investment Fund, Fonds National d'Investissement (FNI). Omnium owns Algerian mobile network operator, Djezzy.

The exercise of the option initiates a process under which a third-party valuation is undertaken to determine the fair market value at which the transfer shall take place. This important step will further streamline VEON's operations, allowing for an improved focus on our core markets.