Veon progresses with asset-light strategy, to sell stake in TNS+ in Kazakhstan

Amsterdam and Astana – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, announces that it has signed an agreement for 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. 

TNS+ is an international operator providing a wide range of telecommunication services in voice, internet access, data transmission, transparent digital channels, IP VPN, IPLS and long-distance communication services to commercial telecommunications operators, as well as large corporate clients on the enterprise segment. 

The total consideration for the sale is USD 137.5 million. The closing of the transaction is subject to customary regulatory approvals in Kazakhstan. 

“This agreement marks further progress on the execution of our asset-light strategy. Beeline Kazakhstan is Kazakhstan’s digital powerhouse, with products ranging from its financial services application Simply, to its entertainment platform BeeTV, and its innovative second brand Izi. Beeline Kazakhstan’s software development company QazCode spearheads an AI-first approach in the country. This divestment will allow us to focus more deeply in these areas while optimizing the management of infrastructure services in the capable hands of our partners,” said Kaan Terzioglu, Group CEO of VEON. 

“This deal represents our positive long-term view of the Kazakhstan economy and its robust performance. During the last 17 years, TNS+ heavily invested in building extensive fiber network of more than 14000 km throughout Kazakhstan, connecting all major cities and neighbouring countries. We are continuing to invest in growing telecommunications infrastructure assets and digital innovations,” said Alidar Utemuratov, Group CEO and founder of DAR.