Veon completes sale of stake in TNS+ in line with asset-light strategy

Amsterdam, the Netherlands – VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator (“VEON” or the “Company”), announces that it has completed the sale of its 49% stake in Kazakh wholesale telecommunications infrastructure services provider, TNS Plus LLP (“TNS+”), to its JV partner, the DAR group of companies, following the receipt of necessary regulatory approvals.

The sale was completed today for a total consideration to VEON (including deferred consideration) of USD 137.5 million. Following the sale, Beeline Kazakhstan will continue to offer an exceptional customer experience, with business continuity secured by long-term commercial contracts with TNS+ to continue providing its critical infrastructure to Beeline Kazakhstan.

“Completion of this sale enables Beeline Kazakhstan to continue to access the robust wholesale infrastructure offered by TNS+ while strengthening our Kazakh digital operator’s focus on building its portfolio of connected consumer and enterprise services. Beeline Kazakhstan offers exciting digital services such as Simply, Izi, Hitter and BeeTV, and is a key partner in developing Kazakhstan’s local-language AI large language model, which will power the development of new, locally relevant AI-powered tools in Kazakhstan. We are thrilled to deepen our services to the Kazakh economy in these areas” said Kaan Terzioglu, Group CEO of VEON.

“Consolidating ownership of TNS+ reflects our strong confidence in Kazakhstan as a key country for data traffic transit between Europe and Asia. This move will also enable the company to execute its new global strategy by expanding into new geographies and introducing cutting-edge digital products. We will continue to invest in Kazakhstan's telecom infrastructure and provide high-quality services to our customers, while maintaining TNS+’s leadership in data transit,” said Alidar Utemuratov, Group CEO and founder of DAR.