Telenor sells final $362m stake in Veon

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Telenor has sold its remaining 157 million shares in Veon for $362 million, according to Reuters.

According to the report, Telenor stated “This transaction is in line with the previously communicated strategy and concludes the final sell-down in Veon. Citi has been Telenor counterpart for the sale.”

Telenor previously announced plans to sell off its Veon assets in 2017 when it said that it needed to raise $259 million. This followed previous stages of divestiture back in 2012 it owned 42.95% of the company and in 2015 it was 33%.

Last month, Capacity spoke to Veon chairman and CEO, Ursula Burns, about how she is leading a radical reversal of her predecessor’s strategy at the company.

Earlier this year, Telenor acquired a 94.36% share of Finnish operator DNA and plans to include the company in a new Nordic cluster of businesses in the region.

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