Aleksander Torbakhov and a group of senior members of the PJSC VimpelCom management team entered into an agreement to acquire Public Joint Stock Company "Vimpel-Communications" from VEON Ltd. (NasdaqCM:VEON) for RUB 130 billion on November 24, 2022. Under the terms of transaction, It is expected that the consideration will paid primarily by vimplecom taking on and discharging certain notes issued by Veon. VEON Ltd issued 5.95% notes due February 2023 and 7.25% notes due April 2023 (together, the ?2023 Notes?) and the issuance of the Practice Statement Letter on the same date and has today issued a supplemental Practice Statement Letter in connection with the Scheme (the ?Supplemental Practice Statement Letter?).

The management buy-out of VimpelCom implies an expected enterprise value of approximately RUB 370 billion, representing an expected enterprise value / 2022E EBITDA multiple of 3.2x. On a standalone basis, for the twelve months ended September 30, 2022. VimpelCom generated revenue of RUB 339 billion and EBITDA of RUB 115 billion.

The transaction is subject to customary closing conditions, including receipt of requisite regulatory approvals, approval from competent sanctions authorities, licenses from relevant government authorities and any required consent from VEON creditors. The Scheme is subject to obtaining the necessary majority consents (being a majority in number, representing at least 75% by value, of those beneficial owners of the 2023 Notes present and voting at the Scheme meeting, either in person or by proxy). Veon will scheduled a shareholder meeting on and after January 24, 2023.

As of February 2, 2023, the Russian government's foreign investment commission has agreed on the sale. The target completion date for the transaction is in early June 2023, with options on both sides for extensions in case any required regulatory license has not yet been received. As of February 8, 2023.

VEON Ltd. announced that approval has been received from Russian regulatory bodies. The Sub commission of the Government Commission for Control over Foreign Investments in the Russian Federation approved the sale of VimpelCom on February 1, 2023. The Russian Federal Antimonopoly Service has already authorized the transaction on December 15, 2022, and it is anticipated that the remaining closing conditions will be satisfied and that, as previously communicated.

As of May 4, 2023, Veon has received the requisite authorizations required by the UK and Bermudan authorities to proceed with the divestment. The transaction will complete on or June 1, 2023. As of September 13, 2023, the Company expects to complete all formalities necessary to close the transaction prior to the maturity of the VEON Holdings Notes on October 13, 2023.