FNI agreed to acquire 45.57% stake in Omnium Telecom Algeria SpA from VEON Ltd. (NasdaqGS:VEON) for $682 million on July 1, 2021. The exercise of the option by VEON Ltd., initiates a process under which a third-party valuation is undertaken to determine the fair market value at which the transfer shall take place. As of October 28, 2021, the transaction is expected to be completed next year. Citogroup Inc. acted as a financial advisor to VEON Ltd.

FNI completed the acquisition of 45.57% stake in Omnium Telecom Algeria SpA from VEON Ltd. (NasdaqGS:VEON) on April 28, 2022.