VEON Holding has closed an agreement to sell Russian operator VimpelCom. The deal does not provide for the possibility of repurchasing the assets, that is, VEON leaves the Russian Federation forever.
The international holder VEON, which owns the Ukrainian mobile operator Kyivstar, has finally left the Russian market. This was stated in the official statement of the Kyivstar company, published on Tuesday, October 10, on its official website.
At the same time, the closing of the agreement on the sale of the Russian operator VimpelCom by VEON holding does not provide the possibility of repurchase, that is, the completion of operations in the Russian market of the parent company of Kyivstar is complete and final.
“After completing a long series of legal procedures, our 100% shareholder VEON is ending relations in the Russian telecom market. This means strengthening the company’s development strategy in six other markets, including Ukraine,” said Alexander Komarov, president of Kyivstar, commenting on the final departure of VEON holding from the Russian Federation.
According to Komarov, Kyivstar is operating as normal and plans to invest $600 million over the next three years in restoring the telecom network, developing digital services and new mobile technologies.
He added that since the beginning of Russia’s full-scale invasion, Kyivstar has invested UAH 8.2 billion in the development of the Ukrainian telecom market and paid UAH 15.2 billion in state taxes.
“Currently, Kyivstar is actively preparing the network to operate in conditions of possible power outages. The operator has invested UAH 988 million so that by the end of 2023, 110 thousand new batteries will be installed in Kyivstar base stations and ensure uninterrupted power supply for high-speed fixed access to Home Internet service,” it was indicated in a message on the company’s official website.
Let’s recall that it was previously reported that the damage to Ukraine’s telecommunications infrastructure caused by the Nazis during military operations was estimated at $1.8 billion.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.