VEON finalizes sale agreement to exit Russian operations
VEON Ltd. (VEON) has finalized a sale agreement to exit Russia, the Netherlands-based internet services provider announced Wednesday. The company has agreed with the buyer, which is owned by certain senior members of the PJSC Vimpelcom management team, amendments to the sale and purchase agreement for its Russian operations. The original transaction was announced on Nov. 24 2022. "I am pleased with the progress we have achieved in our exit from Russia despite the complexities of the transaction," said VEON Group CEO Kaan Terzioglu, in a statement. "Our exit strategy is the optimal solution for all our stakeholders -- our customers, employees, creditors and investors world-wide." A slew of major Western corporations such as U.S. giants Apple Inc. (AAPL), Alphabet Inc. (GOOGL)(GOOGL), Amazon.com Inc. (AMZN), International Business Machines Corp. (IBM) and McDonald's Corp. (MCD) left Russia in response to Moscow's devastating invasion of Ukraine. Other companies that have maintained Russian operations, such as consumer goods giant Unilever PLC, have been coming under intense pressure to exit the country.
-James Rogers
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
09-13-23 0739ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks