Telenor bags $213 mln as Veon exit continues

OSLO: Telenor has sold 100 million shares in Veon for net proceeds of $213 million as it continues a gradual exit from its Netherlands-based telecoms peer, the Norwegian company said on Wednesday.

After losing a battle for control over Veon, formerly known as Vimpelcom, in a power struggle with Russian billionaire Mikhail Fridman, Telenor decided in 2015 to divest its 33 percent ownership.

Following Wednesday’s sale, which corresponded to a stake of 5.7 percent, Telenor now owns 9 percent of Veon, it said in a statement.

“The offering results in net proceeds to Telenor of around $213 million,” the Oslo-based company added.