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Beeline’s senior management buys Vimpelcom from Veon

Veon will get 130 bln rubles ($2.2 bln) from the asset sale under the agreement

MOSCOW, November 24. /TASS/. The senior management of Beeline, headed by CEO Alexander Torbakhov, has entered into an agreement to buy Vimpelcom from the Dutch telecom holding Veon, the Russian mobile operator said on Thursday.

"Beeline announces that a group of the company’s top managers headed by CEO Alexander Torbakhov agreed to buy out the company from Veon holding," the company said.

Veon will get 130 bln rubles ($2.2 bln) from the asset sale under the agreement. "The deal is expected to be completed by June 1, 2023 at the latest, with the parties reserving the right to extend the deadline in case the required licenses and permits for regulators are not received," Beeline said.

The deal is an important milestone in the company's history, Torbakhov said. "I am confident that although the deal’s completion will still require a lot of effort from both sides, we will manage to ensure continuity in the development course of Beeline in the interests of our clients, employees and partners," the top manager said.