How VimpelCom is for sale – Business – Kommersant

The top management of the Russian Vimpelcom, headed by CEO Alexander Torbakhov, agreed to buy the asset from the Dutch holding Veon in exchange for paying off its debt at the end of November (see Kommersant of November 24). The purchaser of 100% of PJSC VimpelCom will be OJSC Copernicus-Invest 3, whose beneficiary and CEO is Mr. Torbakhov. According to Kommersant’s information, VimpelCom will buy back Veon Holdings BV’s Eurobond debt from holders by issuing replacement bonds that will actually double the Russian company’s own debt burden (the entire VimpelCom was valued at RUB 370 billion during the sale, the company’s net debt is 240 billion rubles). The deal will amount to 130 billion rubles. (about $ 2.1 billion), as an interlocutor familiar with the details of the negotiations explained to Kommersant, a large amount will go to repay the debt of Veon Holdings BV on Eurobonds, but its part, Copernicus-Invest 3, undertakes to pay Veon.