By Chris Wack
Veon shares were up 10% to $20.31 after the company completed its exit from Russia with the closing of the sale of its Russian operations to a group of senior members of the PJSC VimpelCom management team, led by VimpelCom Chief Executive Alexander Torbakhov.
The stock is up 134% in the past 12 months.
As previously announced, the transaction doesn’t provide for any buyback arrangements and signifies a complete exit from the Russian market for Veon.
The original transaction was announced on Nov. 24, 2022.
Veon said its exit from Russia allows it to focus on its Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan and Kyrgyzstan markets.
Write to Chris Wack at [email protected]
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