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Global digital operator VEON, has announced the completion of the sale of its stake in Algerian mobile network operator Djezzy, after receiving a payment of $682 million from the Algerian National Investment Fund, Fonds National d’Investissement (FNI).
The transaction was first announced in July 2021 and follows VEON’s previously announced strategy to streamline its portfolio.
Kaan Terzioglu, Group CEO of VEON commented, “we completed the sale of our share in Djezzy to our partner FNI, marking an important step in our strategy of streamlining VEON’s portfolio.”
VEON sold the entirety of its 45.57% stake in its Algerian subsidiary, Omnium Telecom Algérie SpA. Omnium owns the Algerian mobile network operator Djezzy.
The company says cash received from this transaction will further strengthen VEON Group’s liquidity position.
As of 4 August 2022, VEON Group’s total cash and deposits have increased to USD 3.1 billion, including USD 2.5 billion equivalent of USD- and EUR-denominated cash and deposits.
“Today, we completed the sale of our share in Djezzy to our partner FNI, marking an important step in our strategy of streamlining VEON’s portfolio, commented VEON Group CEO Kaan
Added Terzioglu, “Under the leadership of Matthieu Galvani, the Djezzy team have built an exemplary telecommunications operator, which will continue to contribute to serve Algeria with best-in-class services. I would like to thank to the team for their hard work, and to the FNI for a successful partnership. VEON will continue to focus on large-scale, emerging markets where we can generate value with our digital operator model,” he concluded.
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