Dutch Owner to Sell Russian Telecoms Firm Vimpelcom
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- 03 Nov 2022
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The Dutch firm that owns Russian telecoms operator Vimpelcom will sell its Russian operations, the company announced Wednesday, reportedly due to the growing complications of Western sanctions.
Vimpelcom, which operates popular Russian phone and internet provider Beeline, has been owned by Netherlands-based multinational Veon, formerly Vimpelcom Ltd., since 2009.
Veon is now “conducting a competitive sales process in relation to its Russian operations,” the company said in a statement published Wednesday.
“Veon’s management is currently exploring options in an effort to ensure that an optimal outcome is achieved for all relevant stakeholders,” the statement added.
Vimpelcom has recently been hit with regulatory restrictions — including losing out on access to Russian state contracts — due to its Dutch shareholder, sources at the company told the Kommersant business daily.
Kommersant’s sources said Veon plans to hand over control of Vimpelcom to the Russian firm’s top management in a move to avoid possible Western sanctions and meet regulatory requirements.
Vimpelcom comprises more than half of Veon’s revenue and earnings. Read More…
