Veon Ltd Stock Price, News & Analysis

VEON Ltd. announced the sale of its Russian operations for an expected enterprise value of RUB 370 billion, led by VimpelCom's management team, including CEO Aleksander Torbakhov. The buyout signals a 3.2x EBITDA multiple based on 2022E estimates. VEON will receive RUB 130 billion (approx. USD 2.1 billion), primarily through debt discharge, aiding in significant balance sheet deleveraging. The deal is set for completion by June 1, 2023, pending regulatory approvals. This strategy may enhance VEON's credit profile and overall equity position.

VEON Ltd. has initiated a scheme in England to extend the maturity of its 5.95% and 7.25% notes, initially due in February and April 2023, by eight months. This decision follows extensive discussions concerning regulatory challenges and geopolitical risks impacting the Group. The extension aims to facilitate the sale of its Russian subsidiary, VimpelCom, projected to generate approximately USD 2.1 billion. This move is expected to reduce VEON’s debt and improve access to international capital markets while averting inefficient liquidity use related to existing sanctions.

Amsterdam, 18 November 2022: VEON Ltd. (NASDAQ: VEON) announced the issuance of U.S. Department of the Treasury's General License 54, allowing transactions related to the purchase and receipt of its debt and equity securities issued before June 6, 2022. This authorization ensures trading confidence amidst U.S. sanctions on new investments in Russia. CEO Kaan Terzioğlu affirmed this as a recognition of VEON's mission to provide connectivity and digital services, emphasizing ongoing initiatives such as enhancing 4G penetration and strategic projects surrounding its Russian operations.

VEON Ltd. reported a robust trading update for Q3 2022, achieving total revenues of USD 2,077 million, a 3.6% YoY growth in reported currency. Service revenues grew by 7.9% YoY, totaling USD 1,968 million. EBITDA remained flat at USD 889 million, with net debt/EBITDA ratio improving to 2.41x. The company's liquidity strengthened, closing with USD 3.3 billion in cash. 4G users increased 15.1% YoY, reaching 52.7% of the customer base. Despite geopolitical challenges, VEON's business focus and cost management strategies supported its growth.

VEON Ltd. announced on November 2, 2022, that it is engaging in a competitive sales process for its Russian operations.

The management aims to achieve an optimal outcome for all stakeholders, including shareholders and customers.

Despite this initiative, VEON has not yet committed to any agreements or outcomes regarding the sale, and there are no guarantees of an acceptable offer, necessary approvals, or completion of any options considered.

Kyivstar, Ukraine's largest mobile operator, has honored Chief Technology Officer Volodymyr Lutchenko as Network X's Telco Executive of the Year. This recognition reflects Lutchenko's pivotal role in maintaining robust telecommunications during wartime, with 93% of the network operational. Under his leadership since October 2021, Kyivstar has built 439 new LTE base stations and upgraded 6,200 existing ones. The company also provided vital services, including internet-connected shelters for displaced individuals. Lutchenko expressed gratitude for the award, acknowledging his team's efforts in challenging conditions.

VEON Ltd. announces a trading update will be released on 3 November 2022 at 7:00 am CET, covering selected operating and financial results for the period ending 30 September 2022. A conference call with senior management will follow at 14:00 CET, accessible via Zoom and dial-in options. Investors are encouraged to participate in the call. The company is headquartered in Amsterdam and serves over 200 million customers across seven markets, driving digital inclusion and economic growth.

Amsterdam, 17 October 2022: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON) has appointed Matthieu Galvani as Chief Corporate Affairs Officer, effective immediately. Galvani will oversee the company's corporate affairs strategy, focusing on government relations and communications, as well as environmental, social, and governance initiatives. With over 22 years in telecommunications, Galvani brings extensive experience, having previously served as CEO of Djezzy. CEO Kaan Terzioglu emphasized that Galvani's leadership will enhance VEON's public profile and support its digital operator strategy.