VEON Obtains OFAC License to Sell VimpelCom – Kommersant
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On April 15, the US Office of Foreign Assets Control (OFAC) issued a license to conduct the transactions required for the sale of the Russian telecommunications company Vimpelcom. This is stated in operating results VEON holding for the first quarter of 2023.
“On April 15, 2023, OFAC issued a license allowing American representatives to participate in all transactions necessary for the sale of VimpelCom,” the materials on the holding’s website say. VEON also noted that the holding has all the necessary permits required by the UK and Bermuda authorities to proceed with the sale of VimpelCom.
In November 2022, VimpelCom announced that a group of top managers of the company, headed by CEO Alexander Torbakhov, had entered into an agreement to acquire 100% of it from Veon. According to Kommersant’s information, VimpelCom was going to buy back Veon Holdings BV’s Eurobond debt from holders by issuing replacement bonds that would effectively double the Russian company’s debt burden.
In February 2023, the terms of the deal have been agreed from the government commission on foreign investments of Russia. The entire VimpelCom was valued at 370 billion rubles during the sale, the company’s net debt is 240 billion rubles.
More details – in the material “Kommersant” “VEON swaps debts with investors”.
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