VEON finalizes sale agreement to exit Russian operations

VEON Ltd. (VEON) has finalized a sale agreement to exit Russia, the Netherlands-based internet services provider announced Wednesday. The company has agreed with the buyer, which is owned by certain senior members of the PJSC Vimpelcom management team, amendments to the sale and purchase agreement for its Russian operations. The original transaction was announced on Nov. 24 2022. "I am pleased with the progress we have achieved in our exit from Russia despite the complexities of the transaction," said VEON Group CEO Kaan Terzioglu, in a statement. "Our exit strategy is the optimal solution for all our stakeholders -- our customers, employees, creditors and investors world-wide." A slew of major Western corporations such as U.S. giants Apple Inc. (AAPL), Alphabet Inc. (GOOGL)(GOOGL), Amazon.com Inc. (AMZN), International Business Machines Corp. (IBM) and McDonald's Corp. (MCD) left Russia in response to Moscow's devastating invasion of Ukraine. Other companies that have maintained Russian operations, such as consumer goods giant Unilever PLC, have been coming under intense pressure to exit the country.

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09-13-23 0739ET

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